Former Newcastle United owner Sir John Hall insists Mike Ashley is "serious" about selling the club.

Hall sold his 41.6 per cent stake in the Magpies to Ashley for £55m back in May 2007, according to the Chronicle.

Ashley has yet to sell the club despite officially putting them on sale exactly 12 months ago. But Hall says the Londoner is waiting for the right offer.

"I think he is serious in his intention to sell, but there aren't many people with the sort of money to buy it off him. There certainly isn't in the North East, anyway," said Hall via the Chronicle.

"There has definitely been interest in the club, I know that, but clearly nobody has yet given him the price he wants.

"If you have fallen out of love with your business, you have to sell - and I think Mike's fallen out of love with Newcastle.

"If someone wants to buy a football club, they will come along and do it. It won't be a long, drawn-out process done in public.

"But, until someone offers what Mike wants - whatever figure that is - then the club won't be sold."