Rafa Benitez has warned Newcastle owner Mike Ashley that he must spend money in January if he wants to protect the value of a takeover deal.
Ashley and financier Amanda Staveley met for the first time in London this week to discuss her bid to buy the club.
Sportsmail understand that no agreement was reached during their dinner at a curry house in Hampstead and the offer from Staveley and PCP Capital Partners remains at £250million.
Ashley is holding out for £300m and has claimed that a rival bidder is prepared to pay £320m, although no details are known of the second party.