Newcastle United’s takeover looks like lurching into a crisis as the team drop deeper into relegation trouble.

With no deal in prospect between Mike Ashley and Amanda Staveley before the New Year, manager Rafa Benitez will be forced to rely on Ashley’s generosity in the January transfer window, with the manager having told club executives that they need to sign at least three players to be able to fight off the relegation threat.

Given that would require a spend of more than £40million, that looks unlikely to happen, which in itself is an issue for Staveley and her team, given that a club threatened by relegation from Premier League would be worth considerably less than a mid-table one.

There is no deal in prospect between Amanda Staveley and Mike Ashley before the New Year

Rafa Benitez looks like he will be forced to rely on Ashley's generosity in January window

Though it is reported that the deal was agreed at £300m, some sources say it is closer to £250m and that ‘heads of agreement’, the preliminary hurdle which needs to be overcome, have yet to be signed.

Staveley’s team is also clear that their offer is dependent on Benitez remaining as the manager, meaning that despite eight defeats in nine games, his position will not be under threat while Ashley wants to proceed with the deal.

Both sides are still talking and relations have so far been amicable, but the complexity of the takeover negotiations suggests that it will be impossible to agree terms before the end of the transfer window.

Benitez has told club executives that they need to sign at least three players to stay up

However, the fact that Newcastle are now in the relegation zone following Saturday's 1-0 defeat at Arsenal is an additional complication.

Though there was some talk of Ashley agreeing a January transfer budget which would be repaid by Staveley once the takeover was completed, it is not a realistic solution as Ashley would have to commit to spending which might not be repaid if the deal fell through.

It means that Benitez, who has yet to hear how much the transfer budget will be, and will not make any preparations to sign players until he does, will have to rely on Ashley being aware how critical the situation is and effectively funding the January spending himself in order to ensure that the takeover can proceed smoothly.