MIKE Ashley will not sell Newcastle United at any price for the next two seasons, a club statement has said.

Speculation has been mounting that the sportswear magnate is set to sell the club after increasing his stake in Scottish side Rangers.

Ashley has also bought the naming rights to Rangers’ stadium Ibrox, but in a strongly-worded statement responding to reports in the media, the club insist the owner remains committed to the Magpies.

A statement read: “The truth is Mike Ashley remains committed to Newcastle United.

“For the avoidance of doubt, this means that for the remainder of this season and AT LEAST until the end of next season, Mike Ashley will not, under any circumstances, sell Newcastle United at any price.

“The Club cannot be stronger in stating its position on this matter. It is not acceptable for newspapers to print factually inaccurate reports that are damaging to the Club and to fail to check facts with Newcastle United ahead of publication and then expect to receive access to the Club.”

Ashley already owns 4.6 per cent of the Ibrox Club and was rumoured to be on the cusp of increasing that stake, but in a brief statement to the stock exchange, Ashley said: “I will not be participating in the Open Offer which closes at 11am today, Friday, September 12, 2014.”

Under UEFA rules, Ashley couldn’t own two clubs that could meet each other in European competitions.