Newcastle United owner Mike Ashley has no plans to sell the club until the end of next season at the earliest, the Premier League club announced Friday.

United's statement followed speculation that English businessman Ashley, who made his fortune through the Sports Direct chain of stores, was contemplating selling-up at north-east side Newcastle in order to purchase Scottish giants Rangers, in which he already has a nine percent stake.

"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," a club statement said.

It added: "The club cannot be stronger in stating its position on this matter."

Ashley has twice tried to sell Newcastle since buying the club seven years ago for £134.4 million ($218.2 million, 168.6 million euros) and later making interest-free loans to the side of £129 million.

He has long been a controversial figure with the club's fans, who have criticised his decisions to bring in Joe Kinnear -- no longer on the staff -- as the club's director of football, rename Newcastle's St James' Park ground as the Sports Direct Arena and have a pay-day lender as the club's shirt sponsor.

But manager Alan Pardew has copped most of the flak lately, with Newcastle yet to win in three league games so far this season.