Newcastle United owner Mike Ashley has reportedly been given an ultimatum by Amanda Staveley to accept her offer of £250m or find a new bidder.

The Sports Direct tycoon is understood to have already knocked back one takeover attempt last month as it fell below his asking price.

Ashley is said to have rejected proposals for a series of staged payments, which would take the offer past the £250m mark, as he instead wants it all in a one-off payment.

According to The Times, Staveley's PCP Capital Partners will give Ashley another fortnight to shake hands on a deal, with the process then taking a further 30 days before it can be completed - eating into the January transfer window.

However, a separate report via Sky Sports News goes a step further by claiming that Staveley wants progress to have been made by this time next week or else the plug will be pulled on any deal.