Peter Kenyon is locked in takeover talks with Newcastle United owner Mike Ashley.

The Sun says he is trying to thrash out a payment plan with Ashley to complete a £300million takeover of Newcastle.

The group are adamant they have secured the funds from investors to meet Newcastle owner Ashley's asking price — and sources insist they are credible.

But the sticking point is the structure of the deal, with Kenyon yet to come up with a proposal which satisfies the Sports Direct tycoon.

In the 46-page brochure which was sent out to potential investors this summer, Kenyon laid out his plan to pay £125m upfront then a further £175m over three years.

However, Ashley needs convincing over some finer details of the proposed deal and Kenyon knows there is work to be done.