Newcastle United owner Mike Ashley reportedly wants $858 million for the club as he prepares to sell the troubled Toon.

According to, Ashley is thought to be currently in Dubai where it is believed he is in negotiations with the Zabeel Investment group over the proposed sale of the club.

The report claims that the Newcastle owner has informed the proposed buyers that the club is priced at $858 million. This is in stark contrast to the $232 million he bought the club for back in 2007.

While Ashley has since plowed funds into St. James' Park, thought to be in the region of $178 million, the valuation is certainly an enormous figure and one that may detract any potential investors.

Sky Sports also reports that the chairman of Zabeel Investments, Mohammed Ali Al Hashimi, has denied that he is interested in buying the club. He reportedly told Arabian Business: "We have not had any contact. I am not interested in any [English Premier League club] right now."

Ashley revealed over the weekend that he was willing to sell the club after fans staged huge protests against the departure of manager Kevin Keegan. Speculation has since surfaced concerning a number of investors who are reported to be interested in the club, however so far no offers appear to have been made.

On the pitch, the club is also struggling having managed only one league win so far this season. Last weekend saw it slump to a 2-1 defeat to newly promoted Hull City and, after four matches, it sits in 17th with four points.

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