Newcastle United owner Mike Ashley is reportedly still hopeful of a sale of the club being completed after naming a revised valuation.

The Magpies are the subject of a takeover bid by Amanda Staveley's PCP Capital Partners, whose first offer was rejected by Ashley last week.

A follow-up bid is expected in the coming days, however, and The Times claims that the Sports Direct tycoon will shake hands on an offer of £350m - £50m more than Staveley's group initially offered.

Staveley is said to have tabled a one-off payment, with no incentivised clauses included, but it was significantly below Ashley's valuation.

The same report suggests that an ongoing tax investigation surrounding Newcastle has also presented a stumbling block, which will be factored into the next offer.