A seven-day arbitration hearing will commence on January 3 to rule whether the club’s Saudi Arabia funded takeover can be resurrected.
Last summer, the Premier League rejected a bid worth £305million to buy Newcastle from PCP Capital Partners, the Reuben Brothers and the Public Investment Fund of Saudi Arabia.
Current owner Ashley is vying to sell up, with the club releasing an official statement after the takeover stalled.
It read: “The club and its owners do not accept that Premier League chief executive Richard Masters and the Premier League have acted appropriately in relation to this matter and will be considering all relevant options available to them.
“Mike Ashley understands fans’ frustrations and would like to reassure them that he has been fully committed to ensuring this takeover process reached completion as he felt it was in the best interests of the club.
“Mike continues to be fully supportive to Steve Bruce, the players and all the staff and wishes them well for the upcoming [20/21] season.”