Late last night he looked at the situation, and he KNOWS he has a lot of work to do to get Newcastle fans to renew season tickets, because 95% want the man to pack up and go!
He has taken this club back to the dark days of 1991/2 when we didn't have a side good enough to get out of the old Second Division, and even came close to ending up in the Third Division.
He needs a big Geordie figure to hang his future on ... and Alan Shearer is his meal ticket.
So no surprise when Newcastle United managing director Derek Llambias confirmed Shearer will open talks over the manager's post
Ashley Takes Us Back To The Dark Days!
Derek Llambias: "Being relegated from the Premier League is a huge disappointment for everyone involved with Newcastle United.
"We are all hurting and I feel desperately sorry for everyone associated with Newcastle United; for Mike Ashley, who has invested heavily in the Club, and for all the supporters who have given the team magnificent backing up and down the country all season long.
"Mike and I will sit down with Alan this week to discuss how the Club moves forward again, and I hope to be able to say more to our supporters later this week."