Mike Ashley has slashed the asking price for Newcastle United.

The Sunday Sun says Ashley is now seeking £350 million for the club - coming down from an original £480 million asking price.

"His chances of doing a deal at anything like that price in Dubai, or anywhere in the Arab world, appear to be dead," a business expert in Dubai said last night.

"He's burned his bridges here."

But Chinese property billionaire Xu Rongmao, whose interest in Newcastle we also revealed last week, may yet be tempted to enter talks with Ashley, particularly now that he has lowered his asking price.

Elsewhere, Ashley may try to revive the interest of a Nigerian consortium whose offer of around £300 million - again, revealed by us - was rejected early last month.