Newcastle owner Mike Ashley believes proposed takeover deal is off - report

Ashley was believed to be close to selling Newcastle to Amanda Staveley in a deal worth around £300million in mid-December after weeks of talks.

Staveley's group, which is thought to be backed by money from the Middle East and China, is one of a series of prospective buyers which signed non-disclosure agreements with the club last year.

It made a formal offer for the club in November which is understood could have eventually amounted to £300million, but only if a series of clauses - including one guarding against the repercussions of relegation - were met, and there were suggestions since that an alternative lower cash bid was also tabled.

That came nowhere near meeting the sportswear magnate's requirements, although crucially the lines of communication remained open.

However, the deal is now understood to be off.