The Sports Direct founder has stated that he will not quit even though Newcastle have missed out on a £100m windfall after being relegated from Premier League.
"I've got no choice," he said. "I am wedded to Newcastle like Sports Direct. They've got me and I've got them. That's just the way it is.
"[The situation] is disappointing, because I personally want to win trophies at Newcastle United.
With the appointment of Rafael Benitez meeting with renewed optimism among supporters, Ashley hopes to keep his man.
"I think we've got the right man in the job," he said.