"I've got no choice," he said. "I am wedded to Newcastle like Sports Direct. They've got me and I've got them. That's just the way it is."
Newcastle lie second from bottom with 25 points after a 1-1 draw against rivals Sunderland on Sunday.
"[The situation] is disappointing, because I personally want to win every game at Newcastle United. It doesn't matter who we're playing - it doesn't matter if it's a friendly," Ashley told British media.
"I wanted us to win [against Sunderland] and I'm a little disappointed. But it's not a disaster."
With the recent appointment of Rafael Benitez meeting with renewed optimism among supporters, Ashley hopes that the optimism will transfer into the pitch.
"I think we've got the right man in the job. If there's any chance of us staying up - let's hope Rafa can do the business and keep us up," he said.
Relegation from the Premier League could cost clubs upto 100 million pounds due to the advent of the eight billion pounds telecast deal from the start of 2016/17 season.
(Reporting By Arnab Paul in Bengaluru Editing by Jeremy Gaunt)
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