Mike Ashley will NOT accept Amanda Staveley's offer of £250million for Newcastle United, Sportsmail understands.
Financier Staveley and PCP Capital Partners made formal their approach for the Premier League club two weeks ago.
Reports emerged on Tuesday suggesting they have set a two-week deadline for Ashley's response, although we have been told the offer is not acceptable.
However, we believe Ashley would be willing to listen to a new offer in the region of £300m - especially if it contains no clauses - giving hope that a deal could yet be struck.