Sunday's 1-0 defeat at Aston Villa dumped the Magpies into the Championship after 16 years in the top flight and left Ashley with big decisions to make.

Relegation could cost the club anywhere between £30million and £60million with the sportswear tycoon's total investment of around £250million over the last two years counting for little.

Temporary manager Shearer admitted as the reality of the drop dawned on the club that huge mistakes have been made and that massive changes are required, and that process will begin this week.

Managing director Derek Llambias told the club's official website: "Being relegated from the Premier League is a huge disappointment for everyone involved with Newcastle United.

"We are all hurting and I feel desperately sorry for everyone associated with Newcastle United; for Mike, who has invested heavily in the club, and for all the supporters who have given the team magnificent backing up and down the country all season long.

"Mike and I will sit down with Alan this week to discuss how the club moves forward again, and I hope to be able to say more to our supporters later this week."

One of the first issues to be resolved will be Shearer's continued presence or otherwise at St James' Park after his eight-game reign drew to a close.