Amanda Staveley and PCP Capital Partners have made an opening offer for Newcastle United - but Mike Ashley is set to reject the approach.
The Middle East investment fund - fronted by the Yorkshire businesswoman - have been working through the due diligence process since last month and have now tabled an initial bid.
However, Sportsmail understands that Magpies owner Ashley was furious at reports which emerged on Monday night suggesting the figure was in the region of £300million.
Sources close to the club insist it is way lower than that and Staveley will need to return with an improved offer if there is to be progress.