Newcastle United owner Mike Ashley is ready to sell up, it has been revealed.

The Sunday Mirror says the sports retailing billionaire has increased his asking price for the Magpies from £225m to £285m after making a series of loans to the club and spending a net £10m on players before the season.

Ashley paid £133m for the club this summer but, despite denials, speculation has persisted that he will sell should the right offer be tabled.

City sources insist that while his asking price has increased there is still behind-the-scenes activity which could spark a takeover.

A senior source close to the club said: "Mike Ashley didn't do any due diligence on the club and now believes he was sold a pup.

"Publicly he insists he doesn't want to sell, but if someone makes an offer that allows him to make a profit on his initial investment and his loans he will take their hands off."