Mike Ashley will only sell Newcastle United to Amanda Staveley and PCP Capital Partners if they make an improved offer of around £300million.

Sportsmail understands that their current offer of £250m is not acceptable and there has been a stand-off between the two parties since that was tabled nearly three weeks ago.

But we can reveal that Ashley would be willing to listen if they returned with an extra £50m and there were no clauses attached to the deal.

Newcastle United over Mike Ashley has rejected a £250m takeover bid from Amanda Staveley

It is understood Ashley would listen to a new offer from Staveley in the region of £300m

Staveley is thought to be aware of claims that a second bidder is interested in buying the club.

However, it is unclear if any rival lined up by Sports Direct tycoon Ashley could pass the Premier League’s fit and proper persons test.

Insiders have also dismissed reports that Staveley and her Middle East and Chinese investment fund will walk away from the deal if Ashley does not accept their £250m offer within the next fortnight.

She remains keen to buy the club and Ashley is willing to sell, giving hope that a deal can be struck.

But we understand there will have to be an improved offer if there is to be progress, although the chances of a deal being done before Christmas - as Ashley prefers - have now faded.

Staveley, 44, would be the face of the club and make the key spending decisions if her proposal is accepted.