Adidas have distanced themselves from speculation linking them with the naming rights for St James' Park, and the business executive says: "No business man in his right mind would put money into renaming St James' Park.
"The Newcastle fans would immediately boycott the product, and it would have an adverse effect.
"It can work with a new stadium, and I'm sure Arsenal and Emirates get along fine because the stadium is not losing its identity because Emirates is new.
"I'm an Arsenal fan, and Highbury was Highbury for 93 years, and I'd have been up in arms if that name had been sold to the highest bidder.
"Ashley knows NOTHING about football or the average supporter, he's in this game to become famous, and I think he's managed it. But not quite the way he hoped.
"I hear he is not welcome on Tyneside. Hardly a surprise is it?"
Ashley announced controversial plans to rename the ground when he decided he no longer wanted to sell the club and took it off the market last week.
Adidas, who are already Newcastle's kit suppliers, were reported to be interested but a statement released by the company read: "Following media speculation regarding Newcastle United and the naming rights for St James' Park, adidas can confirm that it has not been offered the naming rights to the stadium and would not wish to take the rights if they were offered.
"Adidas remains committed to our on-pitch partnership with the club."