Newcastle United owner Mike Ashley will reportedly turn down the opening bid from proposed takeover firm PCP Partners, which is led by British businesswoman Amanda Staveley.

The Sports Direct tycoon, who has been in control of the North-East outfit for the past 10 years, put the Premier League club up for sale last month.

Reports have claimed that Yorkshire-born Staveley, whose firm is known to work with Middle Eastern investors, tabled a formal £300m offer.

However, according to the Daily Mail, Ashley is angry at the media claims as the opening bid was actually much lower, and the businessman is not prepared to cut a deal unless the price increases.

The offer on the table is believed to include relegation clauses that would be activated if Newcastle fell back into the Championship.