The Nigerian consortium in takeover talks for Newcastle United must up their offer, it has been revealed.

The Journal says the size of the offer is well short of Mike Ashley's valuation.

Chris Nathaniel, the chief executive of NVA Management and England international Rio Ferdinand's agent, has confirmed a firm bid has been made, but it is thought to be one of only around £200m.

That would require Ashley to take a £50m loss on his Newcastle venture and is likely to be rejected.

Nathaniel, though, has warned his consortium are unwilling to up their offer as they want to also provide money for transfers if they do succeed in their takeover.