NEWCASTLE United owner Mike Ashley has been named as the wealthiest man in North East football.

Football magazine FourFourTwo has ranked the sportswear tycoon as the 10th richest man in the British game, in the publication’s Football Rich List for the 2011-12 season.

Ashley is listed with a total worth of £1.37bn after increasing his assets from £950m last year. The tycoon was ranked 16th last year.

Sunderland AFC owner, and newly-appointed chairman, Ellis Short is ranked 15th with a £1bn fortune.

The Missouri-born businessman, who is of Irish descent, built his fortune working for Lone Star Funds, a private equity firm based in Dallas, Texas, as the senior executive responsible for Asian operations.

Former Newcastle striker Michael Owen has also made the list, rising from 68th place to 66th, even though his fortune has remained the same as last year at £40m.

Despite earning on a “pay as you play” deal at Manchester United, former Magpie Owen receives more money from his off-field deal with Umbro, which is understood to earn him £2m a year.

He has been an ambassador of the Swiss watchmaker Tissot since 1998 and has a contract with car manufacturer Jaguar.