Newcastle United owner Mike Ashley is set to turn down an offer of £250 million bid from Amanda Staveley and PCP Capital Partners for the club, reports the Daily Mail.
Ashley, who put the club up for sale earlier in the season, is keen to complete a deal for the Magpies before Christmas however will not settle for Staveley and co’s £250 million offer.
An official approach was made for the club two weeks ago, and it was thought there to be 2 week deadline to respond to the offer.
However, it has now been revealed that no such deadline exists and Ashley will turn down the offer.
Ashley, who has been at the helm of the club for just over a decade, is believed to be holding out for a price closer to his £300 million valuation.
It was originally hoped a deal could be completed before the end of December, however after recent stalls in negotiations between the two parties, hopes of a pre-January change of ownership have faded.