There is “no chance” of the prospective Newcastle United takeover going through before the ongoing European Super League saga is concluded, according to Alan Hutton.

The former Scotland defender, speaking exclusively to Football Insider, suggested investors would be holding fire on a deal amid all the uncertainty caused by the bombshell proposal.

As revealed by Football Insider earlier this month, the Magpies are privately confident the Premier League will green light the Saudi-backed bid over the coming months.

Newcastle owner Mike Ashley has taken legal action against the ruling body after it blocked the proposed £300m takeover last summer.

A well-placed financial source has told this site the deal is still in place and both parties are committed to it being concluded.

However, English football has been rocked by the potential breakaway of six clubs to form the European Super League.

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Manchester United, Manchester City, Liverpool, Chelsea, Tottenham and Arsenal are the English sides involved.

The Premier League condemned the proposal shortly after its announcement on Sunday.

Meanwhile, the other 14 top-flight clubs “vigorously rejected the plans” after a meeting on Tuesday.

Uefa have stated the clubs concerned will be banned from competing in domestic competitions if the proposal goes through.

Hutton suggested the European Super League could slash the other clubs’ value by half.

As such, he insisted Newcastle’s prospective takeover was on the line.

Asked if the consortium would be willing to spend £300million to buy Newcastle if the so-called big six are not part of the league, Hutton told Football Insider’s Russell Edge: “I don’t think they’ll be worth that.

“If the top teams leave, all the teams will be less valuable because there won’t be the same money within the league. They won’t be able to pay the same wages because they’re not getting the money in. So it impacts everything.

“These owners don’t understand. They just see: ‘We’re going to make billions out of this. We’ll go and be part of that league.’

“It affects literally everybody. You filter it down, what about all the lower league teams who make their money through this? They’re going to miss out, they’re going to struggle.

“It impacts everybody. If I’m looking at a club to buy for £300million, we’re talking Newcastle here. I’m sitting there right now saying: ‘Wait a minute. If the top-six teams leave, I’m not paying £300million for a team that’s less than those teams.’

“‘No disrespect to them but they’re not in the top teams, so I’m not paying that. I’ll tell you what I’ll do, I’ll do is I’ll give you half of that.’ It’s going to impact everybody. 

“Potential buyers for the likes of Newcastle, they’ll be holding off. They’re not going to steam in right now and possibly lose a lot of money over the next year. No chance.” 

In other news, a Newcastle United star has been tipped to dazzle at Rangers amid £3million transfer reveal.