£300m expected for Newcastle

Mike Ashley was today preparing for a quick exit from Newcastle United by selling the football club for £300 million.

That would represent some £50 million of profit for the Sports Direct retail tycoon who bought the club for £133 million in June last year and has since invested a further £111 million.

However, the sale price is well below the £480 million Ashley has been touting the club for in the Middle East.

The sales prospectus is complete and documents requiring would-be buyers to sign confidentiality agreements to see the club's books have been prepared.

A Nigerian consortium hoping to buy Newcastle claimed to have presented its bid to Ashley, who has seen his plans for the club destroyed by widespread hostility from the so-called Toon Army of fans angry at poor results and the exit of Kevin Keegan as manager.

The UK businessman fronting the bid, Chris Nathaniel, refused to confirm the size of the offer.