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Ashley has so far failed to strike a deal with Amanda Staveley despite months of talks.
And Sir John, who sold up to Ashley 11 years ago, says he is worried for the club he loves if they fail to reach agreement.
He’s already worried they have left it too late to provide manager Rafa Benitez with the funds he requires to strengthen the squad this month.
“I’m just a fan now and like everyone else, I want to know what’s happening,” said Sir John.
“Mike Ashley has obviously made up his mind to sell up but for whatever reason, it’s taking an awful long time for him to do it.
“The clock is ticking and this stalemate is not doing the club any good at all.”
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“I’m just a fan now and like everyone else, I want to know what’s happening”
Sir John Hall
Despite the Magpies picking up seven points from their last four games, they go into tomorrow’s home game against bottom side Swansea just two points above the relegation zone.
And Sir John, 85, believes that unless new signings come in this month, the fight for survival will go to the wire.
“Rafa Benitez is working with what is essentially a Championship squad,” he said.
“He’s doing his best but there is a worrying lack of quality out there.
“I know Mike doesn’t go to many games these days but he must know the squad is in desperate need of improvement.
“Newcastle have gone down twice in the last decade and managed to bounce back at the first attempt.
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“If the worst happened this time, I dread to think what the future might hold because it’s asking a lot to come straight back up again.
“Hopefully, a deal can be finalised in the next few weeks but if not, Mike must realise Rafa still needs to make some signings.
“People like myself and him are just caretakers passing through the club. The fans are there for life and it’s up to us to give them what they deserve.”
Sir John, who took over Newcastle when the club was in danger of crashing into football’s third tier, is confident that if Staveley’s bid is successful, the Magpies can soar again.
“I read recently Manchester United’s worth £1.3bn and Tottenham’s £800m,” he said.
“Everyone knows Newcastle’s potential and with the right investment, there is no reason we can’t be competing with the very best again.”