Sir John is believed to have donated more than £500,000 to the party in previous years but they had “let me down”.
He said he would be donating to Reform but would not say how much.
The 91-year-old said it was the “only party who will protect and save my English culture”.
He had “fought for diversity and equality in this region” but felt like a “stranger in my own land”, he added.
The property developer founded the Gateshead Metrocentre, which opened in 1986, and took over Newcastle United in the early 1990s.
He said: “I’m white, I am proud of it and I am not going to go away from it.
“I want to see my culture kept in this country and not destroyed.
“That is why I am voting for Nigel – there is nobody else.”
Reform has been approached for comment on Sir John’s remarks.
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