Newcastle United have dismissed reports that owner Mike Ashley is trying to offload the club.

Reports have suggested that Ashley’s representatives have been in talks with American private equity company InterMedia Partners and that a valuation figure of £420 million has been put on the club, more than £130 million than life long fan Ashley paid for the Magpies a year ago.

However, a spokesman for Newcastle has claimed that reports of takeover talks are unfounded describing them as “absolute nonsense.”

Former chairman Freddy Shepherd had already fought off a series of potential takeover bids when Ashley made his move last summer, eventually securing a £134.4m takeover.

He has since ploughed around £100m into the club to address the debt situation he inherited and to strengthen the squad.

Ashley has now embarked upon a economy drive in an attempt to slash transfer expenditure and an ever increasing wage bill although the club insist the current board are building for a sustained future.