The Sports Direct owner has taken full control of the struggling British department store, making him the biggest figure on the British high street.
The takeover deal has gone through today for £90million.
But Newcastle United fans have been left seething by the latest development.
Fans of the Geordie club, owned by Mike Ashley, have slated his stewardship of the club and perceived lack of investment.
“Lovely to know Mike Ashley is more interested in House of Fraser than Newcastle United”
Despite promising to give manager Rafael Benitez “every last penny” of funding the club generates, the Magpies went through another disappointing transfer window.
And the latest developments in the House of Fraser saga have Newcastle fans at breaking point.
Supporters have taken to Twitter to slam Ashley, and urged a boycott of all his Sports Direct shops.
Daniel Hayes wrote: “Mike Ashley wouldn’t buy any decent players and now going to buy a department store. Wonder if it could get us 20 a season.”
Michael Thompson added: “So Mike Ashley to buy House of Fraser for £50m the day after a transfer deadline day where we make a £20million profit and TV money in his back pocket.
“Coincidence, I don’t think so.”
Danny Bryan also wrote: “I hear Mike Ashley as made an offer for House of Fraser.
“Apparently he wants it on loan until the end of the season.”
House of Fraser took its website offline this morning after confirming it has appointed administrators.
Around 17,500 jobs were at risk if a buyer had not been found for the struggling department store.
Jonny Ward joked: Mike Ashley does his entire food shopping the reduced section.”
Harry Timms added: “Lovely to know Mike Ashley is more interested in House of Fraser than Newcastle United.”
Kelly Lovitt joined in: “Fingers crossed Mile Ashley doesn’t get his sweaty fat mitts on this company.”