Mike Ashley ends 'waste of time' Newcastle takeover talks - reports

Newcastle owner Mike Ashley has ended takeover talks with prospective buyer Amanda Staveley, according to multiple reports.

Ashley, who put the club up for sale in October, had been engaged through his representatives with Staveley's PCP Capital Partners in a bid to thrash out a deal for the club he has owned for more than a decade.

However, it emerged on Tuesday evening that he had finally lost patience and ended negotiations.

A source close to Ashley told multiple news outlets: "It's only right to let the fans know that there is no deal on the table or even under discussion with Amanda Staveley and PCP.

"Attempts to reach a deal with Amanda Staveley and PCP have proved to be exhausting, frustrating and a complete waste of time."

The BBC reports that Staveley's group made a formal, £300 million offer to buy the club in November -- a bid that failed to match Ashley's valuation of the club.

The Magpies owner has had a fractured relationship with Newcastle fans since buying the club for £134.4m in 2007.

Under his leadership, the club have been relegated twice and currently sit 16th in the Premier League -- three points above the drop zone.