Middle East investor considers £300m bid for Newcastle

Lee Charnley and Mike Ashley, right
Lee Charnley and Mike Ashley, right
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A second Middle East-based group is interested in buying Newcastle United, according to a report.

The Daily Mail claim that a Dubai-based investor is looking to make an offer for the club, which was put up for sale last October by owner Mike Ashley.

However, they have reportedly not entered into a period of due diligence.

READ MORE: Rafa Benitez’s frustrations grow at Newcastle’s transfer window inaction

Ashley is looking for upwards of £300million for the club he bought a decade ago.

The report adds that a formal approach is unlikely to be made while the club's Premier League status is in jeopardy.

Newcastle are 13th in the table and two points above the relegation zone.

The news comes as manager Rafa Benitez, preparing for tomorrow's home game against Swansea City, waits on a transfer breakthrough.

Meanwhile, would-be buyer Amanda Staveley, also based in Dubai, and Ashley are still some way apart in their talks.