Amanda Staveley's consortium offers around £300m for Newcastle United

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Amanda Staveley and PCP Capital Partners have moved closer to a takeover of Newcastle United after making an opening offer - but Mike Ashley is set to reject the approach.

Ashley, who has been at the Magpies' helm for more than a decade, last month engaged the services of city lawyer Andrew Henderson, who has acted on behalf of his businesses in the recent past, to handle the sale.

Whatever Ashley's valuation is, it does seem like he really wants out of the club once and for all.

Negotiations will now continue but hopes of a deal being completed by Christmas have rescinded given the disparity in valuation.

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Per various reports, the Spaniard has been warned that if Mike Ashley is still in place come the January transfer window, funds will not be available to him in order to improve the squad.

PCP is one of a series of prospective buyers to have signed non-disclosure agreements with the Tyneside club and entered into the process of due diligence.

She watched Newcastle's 1-1 draw with Liverpool in October from the St James' Park directors' box but has since stayed away from the ground, instead sending her representatives to matches.

Newcastle now lie eleventh in the Premier League, but after a quality start to the season, the Magpies have lost their last three league games.

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