Mike Ashley Holding Out Newcastle United Takeover as Rival Bidders Approach the Club

Mike Ashley has been a figure of controversy among Newcastle United fans since he took over the club more than a decade ago. 

However, since the Tynesiders have been promoted back to the Premier League, Ashley had announced his intentions of selling the club with the latest solid offer being from Amanda Staveley and PCP Capital Partners for a fee of £250m. 

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But according to Daily Mail, Ashley is only willing to sell the club for no less than £300m, with a reported second bidder currently offering £320m to takeover the Magpies. 

It is understood that Staveley and PCP Capital Partners made a formal approach to Ashley while having dinner at a curry house in Hampstead, where they offered, £250m for the club. 

Despite the large sum put on the plate, Ashley refused to finalise an agreement as he was holding out for bid rounding to £300m. 

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With larger foreign investors seeking Premier League clubs in the last decade, Ashley insisted that a rival bidder was preparing £320m for Newcastle, though no other details about them are known. 

Since promotion back to the Premier League this season, manager Rafa Benitez has struggled to reinforce the Magpies' squad, repeatedly asking Ashley to invest during the Summer transfer window.

Despite acquiring a handful of players, Newcastle have not had the best of starts back at the top tier of English football. 

Sitting at 15th place, Benitez will hope that a deal goes through quickly in order to avoid a relegation battle this season.