The controversial businessman has been heavily linked with selling the club to the Dubai-based Bin Zayed Group this summer, but a deal looks increasingly unlikely.
And speaking for the Chronicle, Waugh outlined where the deal currently stands.
He said: “We have had plenty of questions about how we’ve stated the ‘no bid’ has yet been placed, and what we mean by that is that although a price has been agreed in principle between Mike Ashley and the Bin Zayed Group, that has not yet equated to an actual follow-up bid arriving.
“A bid is far more complicated than that. A bid requires a thorough document outlining exactly what has been agreed, and then if accepted a group could reach the ‘exclusivity’ stage of takeover talks.
“None of the interested parties who are in talks to buy Newcastle United have yet reached the exclusivity stage. As things stand, Mike Ashley is owner, and he will be owner for the foreseeable future unless something changes.”
This is a crying shame for Newcastle fans, but if we’re being honest, it’s hardly a huge surprise. Ashley has developed this habit in recent years of posturing as if he is about to sell the club before a transfer window, only for the wheels to come off somewhere down the line. Perhaps it’s cynical, but that pattern allows him to excuse himself from significant spending, and is an effective way of raising fans’ hopes enough to see them renew season tickets and such. It’s the classic carrot and donkey approach, and it’s one that has served him well for years. As it stands, even if the Bin Zayed Group were to have a bid accepted tomorrow, they would have little to no time to make any kind of meaningful move in the transfer market. The reality of the situation is that they are weeks away from a takeover, if one is to happen at all, and we are at a point now where any lingering hope fans had is surely about to be dashed.