By Russell Edge

10th Dec, 2017 | 7:20am

Report: Ashley handed ultimatum in £250m Newcastle takeover talks - bidding war ignited

Newcastle United owner Mike Ashley has been set a deadline of two weeks to secure the sale of the club if he wants to avoid being forced to spend during the January transfer market, according to a report.

The Mirror claim on their website that due to the Premier League’s bureaucracy, the only chance he will have of ensuring a new owner is in place before the end of the month-long market is if he accepts a deal over the coming weeks.

It is said that he already has a £250million offer on the table from Amanda Staveley and her PCP Capital Partners group, although a bidding war appears to have been ignited after the claim that there have now been two more bids placed on the table from other parties.

The report states that despite the ultimatum set on the future of the club, Ashley is playing the long game and waiting to see whether Staveley or the other suitors will submit another, higher offer as he looks to maximise the amount of money made from the sale.

The Premier League reportedly advise that any takeover deal could take up to 30 days to clear the required paperwork to officially seal the deal, although the Christmas period could see that extended.

In other Newcastle United news, fans were livid with this star man’s display against Leicester.

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