Newcastle United have dismissed reports in the press claiming that owner Mike Ashley had valued the club at £420m during talks with US investors over a possible sale.
According to Friday’s edition of The Sun, Ashley’s asking price frightened off American private equity group InterMedia Partners.
But a club spokesman said of the story: “It is absolute nonsense.”
Ashley himself paid £13m and took on approximately £80m when he bought Newcastle from Freddy Shepherd last year.
Since his takeover, Ashley, has put £100m of his own fortune into the club in a bid to strengthen the north-east side’s squad.
With little to show for his outlay there had been rumours that he was not prepared to continue bankrolling the club.
