Mike Ashley is in advanced talks to sell Newcastle United for £350 million ($442 million) to a group fronted by Amanda Staveley.

The proposed deal would have Ashley loaning Staveley’s company, PCP Capital Partners, £150 million in an attempt to get an agreement over the line.

Staveley divides her time between Dubai and London and has been backed by the Reuben Brothers.

Ashley bought Newcastle for £133 million in 2007 and has given the club a £110 million interest-free loan thought to be included in his £350 million asking price.