After the firm called in administrators this morning, Ashley pipped Philip Day to sweep up the company at a fraction of the £480m Chinese firm Sanpower paid four years ago.
Suffice to say, the news hasn't gone down well with the Toon army in the north east.
Newcastle fans are livid that Ashley has flashed the cash for House of Fraser after the club ended the transfer window yesterday having spent very little on new players. In fact, the club closed the window having made more than £20m in profit.
Manager Rafael Benitez was left frustrated as the club only managed to bring in Fabian Schar for £3m, Federico Fernandez for £6m, alongside a number of transfers with undisclosed fees and a couple of loan deals.
Ashley has bought House of Fraser.
Newcastle fans…. pic.twitter.com/W4DeKgvJDz
— Keith Jones (@Kjones1892) August 10, 2018
"Mike Ashley (owner of Newcastle United FC and Sports Direct) has bought House of Fraser for £90m," one fan tweeted. "He's made at least that recently of my club. Yet investment in making NUFC better this year has been laughable, in fact it's been non existent because he's made a profit."
Another Magpies supporter joked: "Funny name for a centre forward!"
Harry Timms said: "Lovely to know Mike Ashley is more interested in House of Fraser than Newcastle United."
Mike Ashley buying house of Fraser for £90million a day after the window shuts just sums the fat bastard up.
A businessman who doesnt give a shit about Newcastle United.
Time to go. #NUFC
— tom abson (@tomabson_98) August 10, 2018
Newcastle United have to make do with a loan signing but Mike Ashley has the funds to snap up House of Fraser
— Rhys Crabtree (@crabbers89) August 10, 2018
So Newcastle do hardly any business in the transfer window .. but Mike Ashley has signed House of Fraser
— really though ? (@Ashclapp) August 10, 2018
Newcastle enjoyed a decent year in the Premier League last season, finishing 10th in the first year since the club returned to the top flight.
If today's news is anything to go by, St James Park might be gearing up for a rebrand next season.
Looks like Newcastle will be playing at the https://t.co/lorNou5xNc stadium this season…
— Gemma Goldfingle (@gemmagoldfingle) August 10, 2018