Newcastle United would have to pay Tottenham Hotspur £12.5 million if they want to hire Mauricio Pochettino as manager this month, but can wait until June to hire him for nothing.

PCP Capital Partners, a financial advisory firm backed by the Public Investment Fund of Saudi Arabia, are closing in on a £300 million takeover.

Newcastle would like to hire a high-profile manager. Pochettino was fired by Spurs in November.