Mike Ashley will not accept Amanda Staveley's offer of £250m for Newcastle

Staveley and PCP Capital Partners made formal approach two weeks ago

Ashley would be willing to listen to a fresh offer in the region of £300m

But there appears to be a stand-off between the two sides

Mike Ashley will NOT accept Amanda Staveley's offer of £250million for Newcastle United, Sportsmail understands.

Financier Staveley and PCP Capital Partners made formal their approach for the Premier League club two weeks ago.

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Reports emerged on Tuesday suggesting they have set a two-week deadline for Ashley's response, although we have been told the offer is not acceptable and no such deadline has been set.

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

Ashley was pictured with financier Amanda Staveley in London on Wednesday night

However, we believe Ashley would be willing to listen to a new offer in the region of £300m - especially if it contains no clauses - giving hope that a deal could yet be struck.

There appears to be a stand-off between the two parties at present and the chances of a takeover being completed before Christmas have faded in the past fortnight.

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There is, though, a willingness from Ashley to sell and Staveley and her Middle East and Chinese investment fund are very keen to buy.

But we understand they will have to return with a new offer if there is to be progress. It is thought that Staveley and her group are the only party in the running for the club.

Hopes of the St James' Park club being sold before Christmas appear to have faded