Ashley, who also owns Sports Direct, completed on Friday the purchase of the struggling British department store for £90 million - a fee higher than the transfer funds he has provided for Newcastle in the past three years.
Whilst the deal saves the chain's 59 stores and 17,000 workers who were facing the axe, Newcastle fans have been left seething by the latest development.
Supporters were left hugely frustrated as the transfer window closed with the club having again been rather frugal with regards to buying new players to reinforce a squad that finished 10th in the Premier League last season.
The Toon owner spent just £16.5 million on seven new signings during the summer transfer window, but none of those players cost over £10 million.
It means the club's transfer record signing remains Michael Owen, who joined from Real Madrid for £16 million in 2005.
Understandably, this has caused quite a sizeable amount of unrest within the Geordies and they took to Twitter to vent their frustrations.