Waste of Time: Newcastle Takeover Deal Off as Mike Ashley Loses Patience & Walks Away

The takeover Newcastle fans were craving for appears to be off, with owner Mike Ashley walking away from negotiations with Amanda Staveley and her company PCP Partners.

The club is still up for sale, but after four months of negotiating, Ashley has grown tired of the back and forth and has decided to end things, per Sky Sports.

The businessman was only prepared to accept a sum in excess of £300m. However, Stavely's last bid stood at £250m, a figure the Sports Direct magnate was not willing to entertain.

“It is only right to let the fans know that there is no deal on the table - or even under discussion - with Amanda Staveley and PCP," a source close to Ashley told Sky.

“Attempts to reach a deal with Amanda Staveley and PCP have proved exhausting, frustrating and a complete waste of time.”

As much as fans might be disappointed, manager Rafa Benitez could find some relief. The Spaniard had concerns over the negotiations, as they were stalling his transfer plans and he was unsure as to the amount of cash he would have to spend.

Stavely, though, was willing to back Benitez in the January window, something fans were looking forward to as well. But they will now have to wait until a new potential buyer comes along.