Dubai-based financier Amanda Staveley’s bid to buy Newcastle United has collapsed, current owner Mike Ashley has confirmed.

Ashley – who bought Newcastle in 2007 – put the Premier League club up for sale in October and had been locked in negotiations with Staveley’s company, PCP Capital Partners.

But in a statement authorised by Ashley, a source close to the owner told Sky Sports: “It’s only right to let the fans know that there is no deal on the table or even under discussion with Amanda Staveley and PCP.

“Attempts to reach a deal with Amanda Staveley and PCP have proved to be exhausting, frustrating and a complete waste of time.”

Staveley previously played a role in facilitating Sheikh Mansour’s successful acquisition of Manchester City in 2008.