Newcastle United owner Mike Ashley is believed to be preparing to turn down Amanda Staveley’s £250m offer to buy the club. The Sports Direct businessman put his cub up for sale in October, but has faced intense scrutiny from the club fans, with claims and counterclaims that his overvaluation of the club putting off potential investors for making a bid.

As reported by the Daily Mail, Ashley’s demands of at least £300m for Newcastle has not been well-received by Staveley and the PCP Capital Partners, and a deadlock is starting to emerge between Ashley and the interested parties.

The offer of £250m was made last week, but the Magpies owner is yet to respond to the rumored two-week deadline set by Staveley.

Ashley has proved a highly unpopular figure among fans of Newcastle, with his controversial backroom decisions and distinct last of investment causing continued outrage.

The brief renaming of St James’ Park to the Sports Direct Arena raised mass protests among fans, as they argued that their heritage was being jeopardized for the sake of Ashley’s balance sheets.

The fans would welcome the departure of Ashley, as they look to build some stability after being promoted from the Championship back into the Premier League last season.

It is unlikely that a deal for the sale of Newcastle will be concluded before Christmas, but it is understood that it will only a matter of time before a more lucrative offer is made for the club, and Ashley sells his club of ten years.