Newcastle United have been formally put up for sale by owner Mike Ashley

Amanda Staveley, the British financier, has mounted a £300million bid

Her firm, PCP Capital, values club at less than Ashley's £400m asking price

Amanda Staveley, one of the City's leading dealmakers, has mounted a £300million bid to buy Newcastle United that would see her become the new face of the club.

Staveley's investment fund PCP Capital Partners, which is backed by £28billion from the Middle East and China, is understood to be in talks with owner Mike Ashley.

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A deal may be done by Christmas and Staveley could pump as much as £300m into manager Rafa Benitez's transfer funds.

Amanda Staveley has indicated that she will be interested in purchasing a top-flight club

City sources said PCP — which has previously been linked to a bid for Liverpool — targeted Newcastle because of its strong global following and the opportunity to grow rapidly.

Ashley bought the club for £134m in 2007 and officially put it up for sale earlier this week.

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He is understood to have been approached by four bidders but was forced to go public after Yorkshire-born Staveley was spotted at St James's Park a fortnight ago and rumours began to circulate that she was negotiating a deal.

Ashley is thought to be keen on rustling up more bids to force up the price for the club.

Staveley, 44, was a key player in Sheik Mansour's acquisition of Manchester City in 2008 and is known to be keen on football assets.

Ashley’s lawyer, Andrew Henderson, said: ‘Our intentions at the moment are to see if the club can be brought forward into new ownership by potentially Christmas.

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Staveley was pictured in the stands at St James' Park during a recent game against Liverpool

‘Assuming that an appropriate person can be found to take the club forward, on exactly how payments are structured, how much would be payable day one, how much might be payable further down the line, there is a real genuine desire from our point of view to make sure that the club is put in the best possible position going forward.

‘So if that means us helping with additional funds being available in the short term, we would seek to accommodate that.’

Meanwhile, a club statement read: ‘As one of the Premier League's oldest and best supported football clubs - and for the benefit of its many fans and supporters in the UK and across the world - Newcastle United requires a clear direction and a path to a bright and successful future.

‘To give the club the best possible opportunity of securing the positioning and investment necessary to take it to the next level, at what is an important time in its history, its present ownership has determined that it is in the best interests of Newcastle United and its fans for the club to be put up for sale.

‘To give an incoming owner the maximum possible flexibility to make meaningful investment in the club, including in its playing squad, the sale process will give interested parties the opportunity of deferring substantial payments.

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‘A process will now commence of identifying new ownership for the club that will be capable of delivering the sustained investment in and dedication to the club that is necessary for it to achieve its ambitions.’