Peter Kenyon's consortium is set to drop their takeover bid of Newcastle.

The Sun says his offer is still £100million adrift of Mike Ashley's asking price.

Former Manchester United and Chelsea chief Kenyon has come up with a way of increasing the original £200m he and his consortium have at their disposal.

But extraordinarily, for owner Ashley to get the £300m he wants, Newcastle would have to qualify for the Champions League in the next decade.

Kenyon has been working with the American Rockerfeller Capital Management to raise extra cash but the additional £100m would depend on the club reaching certain goals.

One of them would be to finish in the Prem top four within ten years.

Ashley has rejected that suggestion, wanting all the money up front.