Mike Ashley will not accept a £250million offer from Amanda Staveley for Newcastle United.
Staveley – who leads PCP Capital Partners – has been in talks over a takeover.
But the Middle East-based financier and Ashley, United's owner, are still some way apart in their valuations of the Premier League club.
Staveley, looking to buy the club before the end of the January transfer window, has reportedly made an offer of a one-off £250million payment.
Ashley, keen to sell by Christmas, originally wanted closer to £400million, though he was willing to accept staggered payments.
The billionaire is yet to receive an acceptable offer for the club, which is 15th in the league.
A report today claimed that Staveley had set a two-week deadline for a deal.
The Gazette, however, understands that neither side has set a deadline, and Ashley is prepared to wait for the right offer.
There will have to be movement on both sides if a deal is going to be done.
Ashley could yet seriously consider a £300million-plus offer for the club, which he bought a decade ago for £134million.