It is the news every Newcastle United fan fears but probably expected - Kevin Keegan is believed to have left the club for the second time as a manager in protest at the manner in which it has conducted its transfer business this summer.
If the rumours, reports and rants are true, it must be said that the severing of ties has been coming for weeks, if not months, as the manager's relationship with the United board gradually deteriorated to the apparent point of no return.
A club statement insisted on Tuesday night that he had not been sacked, but it is still far from certain he hasn't walked in protest at the way he has been treated.
The breaking point appears to have come on transfer deadline day when, having publicly supported the decision to sell James Milner to Aston Villa for £12m - despite rowing with managing director Derek Llambias last week - Keegan had given the Magpies money men a chance to redeem themselves.
"Judge us after the close of the transfer window," Keegan said as he spoke positively about the impending arrival of players which would make the sacrifice of Milner worthwhile. Keegan was attempting to put pressure on the board to make the breakthroughs in the transfer market he had expected all summer and they were unable to rise to the challenge. When Keegan criticised them for this, war broke out behind the scenes.
Instead, all Keegan got was a Spanish Under-21 striker, Xisco and a central midfielder, Ignacio Gonzalez. With no new defenders in place, leaving him a squad which is short on numbers, particularly at the back, Keegan knew Newcastle were going to struggle to make any sort of impression on the top ten, let alone the top six Ashley's envisages.
That incensed Keegan and, having rowed again with Llambias again on Monday, it seems the persistent insubordination was too much for the board to take, particularly Llambias who does not speak much in public but, so I'm told, has earned a ruthless reputation at St James's Park.
They probably think they have taken a tough stance and have shown they are ultimately in charge of the club, but it could be the biggest mistake of their short time in football. A mistake which will rapidly turn into a disaster if Dennis Wise is named as Keegan's successor.
To be fair - and some of you will not even think I should do this when it comes to Wise - there is absolutely no evidence to suggest Wise has deliberately tried to undermine Keegan in his role as Executive Director (football), but his presence at St James's Park, having quit as manager of Leeds, has been seen as suspicious from the start by fans who still remember how much they hated him as a player.
What the Newcastle hierarchy must realise - and I'm sure they will do over the coming weeks if Keegan does not agree to stay - is they have lost a club legend. Virtually everyone on Tyneside will feel Keegan has been treated abominably and that may never be forgiven, let alone forgotten.
Having pulled off a public relations masterstroke when he brought him back as manager, Ashley appears to have pressed the self-destruct button in firing him. How he must wish he had a buyer lined up now!
It does not matter how many burly minders he takes with him on Newcastle's next away game, Ashley should realise his days of sitting with the fans are over.
Not such a big laugh now is it Mike? It doesn't matter how many rounds you buy in a bid to improve your popularity, or how many times you dance around stupidly in your replica shirt - I wonder what he'll do with the King Kev 1 one now - the directors box is likely to be your only sanctuary.
But, perhaps, Ashley has realised the error in judgement made by Llambias on Tuesday morning. With the club still refusing to comment despite the widespread reports claiming he has left, could it be that United's owner is frantically trying to get Keegan to remain as manager?
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