Ashley put the club up for sale in October after admitting he could not afford to provide manager Rafa Benitez with the finance to implement his vision for the club. However, after talks with prospective new owners stalled citing disagreements over the valuation of the club, Mike Ashley looks to be staying on Tyneside for the forseeable future.
Barton played for Newcastle for three seasons, including helping them win promotion during their first stint in the Championship. He was hugely popular with the fans until he was suddenly sold on Mike Ashley's orders after contract talks broke down.
The former England midfielder cannot understand the gamble that the sportswear tycoon is taking with the club. Speaking to the 'Evening Chronicle' he said: "The club will not be the club it could be while they've got the owner they've got. He's not going to change. It's sad, but that's his way of doing things and I feel sorry for the supporters because they do deserve more.
'It's a huge football club and it should be in the Premier League - it should never be out of it or even in a position where they're thinking it might not be. It's a sad predicament of mismanagement," Barton continued. "They spent loads of money on players in the Championship and then get up to the Premier League and spend no money. I just don't get it. I don't get what he wants to do."