PCP Capital Partners are expected to make a new takeover offer to Newcastle United.

A first proposal was turned down by Toon owner Mike Ashley.

The National says the first bid from PCP was an offer of £350 million to be paid in instalments.

However, while the club have not denied there has been a bid, they have played down talk of the amount of the first offer, reports the Evening Chronicle.

This is believed to be because it contained several clauses including reduction in payments if the club were relegated or hit by sanctions from the HRMC next year following an investigation over a tax issue.

After having their first bid rejected PCP are now tipped to return with a bid of £300 million which would come in the form of a one-off payment.

Toon boss Rafa Benitez, meanwhile, admits the uncertainty is frustrating heading into the winter market.

Benitez has made it no secret he wants to buy in January.

He said, “My message (to the fans) is that we can do nothing. Stay behind the team, support the team because they can make the difference in some games. For the good or for the bad. My message is also that normally we will be in the bottom five. We are in a very good position and we want to stay there.

“If something happens it would be better for everyone. Still we are working with different options. Also another message that is very clear for the fans is not that a new owner will come and spend £100million in the transfer window. No chance. So our money will be more or less the same. The only thing that can change for us is if we are working right now or we will have to wait a little bit.

“At this moment, I met Lee Charnley and we are working on our targets and that is it."