Magpies dismiss reports

2:22pm Friday 4th July 2008

Newcastle described as "absolute nonsense" claims that Mike Ashley has put a price-tag of £420million on the club.

One report suggested American private equity fund InterMedia Partners had been told the business was available for that figure, some £286million more than the billionaire paid for it a year ago.

However, a club spokesman said: "It is absolute nonsense."

But it is understood informal discussions between representatives of Ashley and counterparts from the New York-based outfit have taken place.

Sources in America have confirmed the US company was interested enough to hold initial talks.

It is not the first time the the club's ownership has hit the headlines again. In the past, the word from St James' Park has always been that Ashley is building for a sustained future and is not looking to make a quick profit and then get out.

However, that has not stopped repeated talk in the City, and now further afield, that the business is for sale at the right price.

Ashley installed long-time associate Derek Llambias in the new role of managing director at St James' last month following Chris Mort's departure as chairman.

The pair are currently overseeing the club's summer recruitment drive with executive director (football) Dennis Wise and vice-president (player recruitment) Tony Jimenez having provided manager Kevin Keegan with new signing Jonas Guiterrez earlier this week.

But the club has undergone radical change in the last 12 months or so.

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