Ashley brought him on board at Newcastle at the same time as appointing Dennis Wise executive director (football).
With his new structure, Ashley hoped to improve Newcastle's ability to scout the best young players from around the world, thereby minimising the need for big-name signings and putting the club on a sounder financial footing.
However, Keegan became increasingly upset with his lack of influence in the buying and selling of players and resigned shortly after the summer transfer window closed - sending the club into turmoil.
The fans, dismayed by the departure of one of the club's icons, directed their anger at Ashley and his so-called 'Cockney mafia', leading to the owner's decision to sell.
Eight parties are believed to have shown an interest in the club, which is available for around £300m.
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