Newcastle deny Ashley's selling up

Newcastle United have described claims that Mike Ashley is about to sell up - with a price-tag of £420 million - as "absolute nonsense".

One report suggested American private equity fund InterMedia Partners had been told the business was available for that figure - £286 million more than the billionaire paid for it just a year ago.

However, it is understood informal discussions between representatives of Mr Ashley and counterparts from the New York-based outfit have taken place.

Sources in America have confirmed the US company was interested enough to hold initial talks.

It is not the first time the the club's ownership has hit the headlines.

In the past, the word from St James' Park has always been that Mr Ashley is building for a sustained future and is not looking to make a quick profit and then get out.

However, that has not stopped repeated talk in the City that the business is for sale at the right price.

Since Mr Ashley has taken over at the club, he has ploughed around £100 million into the club to address the debt situation he inherited and to strengthen the squad.

However, far from throwing money at the task of dragging the Magpies back into the upper reaches of the Barclays Premier League table, he has embarked on an economy drive in an attempt to slash transfer exependiture and a spiralling wage bill.

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