By Russell Edge

18th Oct, 2017 | 7:15pm

Mike Ashley makes £200m Newcastle revelation, takeover meetings begin - report

By Russell Edge

Newcastle United owner Mike Ashley believes that the club needs up to £200million investing in the playing squad, according to a report.

The Financial Times claim on their website that the Sports Direct supremo values the club at between £300-£400million but also knows that there is further investment to be made on top of that, which could nearly double the required spending.

Newcastle were officially put up for sale on Monday after the club released a statement made by St James Holdings Limited, the company fronted by Ashley which owns the majority of shares in the Magpies.

The business tycoon has been at St James’ Park for the last decade, having bought out Sir John Hall and Freddie Shepherd back in 2007, but has endured a tumultuous time on Tyneside.

He has overseen one fifth placed finish, the high of his reign, but also seen the club slip to two relegations, the latest of which came during the 2015/16 season.

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Following Monday’s announcement, there have been multiple reports on who might be taking over in the north east, with the Chronicle reporting that a quartet of interested parties have signed non-disclosure agreements and that discussions are ongoing between the club and the potential suitors.

Meanwhile Reuters state that international financier Amanda Staveley is considering a £300million bid for the club, and that she would be willing to invest £150million into the transfer market during the first two years.

The Finacial Times report that Staveley was due to meet with officials from Newcastle on Tuesday.

In other Newcastle United news, the club held talks with Liverpool over a swoop for this former star.

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