Newcastle United legend Peter Beardsley has urged fans to get behind owner Mike Ashley after he took the club off the market yesterday.

He said: "It's good news. I have never had a problem with Mike Ashley.

"He came here with the right intentions and now with the transfer window about to open, hopefully it is good news for us.

"He never wanted to leave this club. He always wanted to be here, he wants to be back among the fans and hopefully he will get the chance to do that now.

"I hope the fans react in the right way. I think it is very positive, I think it's good news.

"We are a big club and we need a big owner, and he is certainly that.

"When you look at all the foreign owners - and there are some good ones, don't get me wrong - we have an English owner and that's a great thing.

"We can go forward now in a positive vein."

Beardsley's sentiments were echoed by Bob Moncur, the last Newcastle captain to lift a major trophy.

He said: "It's a good thing. Stability is crucial at a football club and I think Mike has made the right decision.

"If he goes one step further when he comes back and tells the fans exactly how things are going to be, I think he will find them a forgiving bunch.

"Mike has to be praised for the fact he has put the club on a sound financial footing.

"Maybe people can't see the benefits of that at the moment, but over the next three or four years, that could be crucial for this club."