Talks between Mike Ashley and Amanda Staveley's PCP Partners over a possible takeover of Newcastle United have ended for now, a source close to Mike Ashley has told Sky Sports.

Currently, no deal is in place between the two parties over a sale of the Premier League club, nor is there one under discussion.

A source close to Ashley said: "It is only right to let the fans know that there is no deal on the table or even under discussion with Amanda Staveley and PCP."

The source added that attempts to reach a deal had proven to be "exhaustive, frustrating and a complete waste of time".

A different source said: "PCP Capital Partners made a carefully considered bid in November and it remains on the table."

It was first reported in November that financier Staveley had submitted a formal bid to takeover Newcastle after months of negotiations.

A relegation compensation clause was understood to be a sticking point at one stage during negotiations.