Report: Ashley names his price

Newcastle owner Mike Ashley is asking for a staggering £481m (€607m) to sell the club to a group of investors from Dubai, according to Arabian business experts.

Despite the Dubai ruling family insisting they are not looking to buy any Premier League club, talks have been opened between Ashley and the Dubai-based group Zabeel Investments, according to ArabianBusiness.com.

Sale documents have been given to Zabeel by Ashley containing a price of $860m (€607m) for the club he bought for £130m (€164m) 16 months ago, and then ploughed another £100m (€126m ) into.

Zabeel Investments is owned by Dubai’s ruler Sheikh Mohammed bin Rashid Al-Maktoum and was part of the consortium that tried to buy Liverpool in 2006.

However, Zabeel Investments chairman Mohammed Ali Al Hashimi has insisted he has not been directly approached.

He told Arabian Business: “We have not had any contact. I am not interested in any [English Premier League club] right now.”

City sources still remain dubious whether a deal can be done with Middle East investors at anything like the level that Ashley wants.