Newcastle United's managing director Derek Llambias has said that owner Mike Ashley has "no intention" of putting the club up for sale.

The Sports Direct founder, who took control of the club in 2007, is understood to have tried to offload the club in the past. However, Llambias admits that Ashley has no present plans to relinquish ownership of the club.

"Mike Ashley has no intention of putting the club up for sale," he said. "He is still extremely passionate about strengthening the club and making it a real success.

"We are balancing the books and getting the finances in order, but there's more work to be done and he's committed to doing that for the long term.

"From time to time we are approached by people claiming to have an interest in buying the club. Our message to them is clear: buy a box for a commitment of five seasons and then we will know you are serious. No-one's taken us up on that offer."

Ashley has invested a total of approximately £280m in the club, including £140m in interest-free loans.