Moat reportedly made an offer of £60m up front, with guarantees of a further £20m next season, to the Sports Direct tycoon.

Mr Ashley is believed to have wanted the full £80m asking price up front, prompting him to turn down the deal last month and take the club off the market.

Although Mr Moat has no immediate plans to table a fresh offer, he says has no desire to walk away from a possible deal and will continue to mull over his options.

Mr Moat, owner of South Shields retailer Premier Direct, said: "For one reason or another, it didn't come to pass. It's extremely disappointing.

"It's something we'd given up a lot of time and effort and abortive costs to, so I've been left feeling pretty bruised by the whole process.

"As my wife keeps telling me, 'no one's died' so you've got to get on. That's fundamentally where I see it now.

"From my perspective, I don't think Mike Ashley wants to stay at St James's Park for the long term, so I'll never give up.

"I'll keep beavering away in the background, and hopefully one day we'll get there."