Report: Newcastle sale closer after improved bid of $400 million

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The Geordie dream appears one giant step closer to reality after Amanda Staveley has reportedly made a significantly larger bid in her attempt to purchase Newcastle United from long-embattled owner Mike Ashley.

[ TIMELINE: Ashley puts club up for sale | Staveley’s first bid rejected ]

According to multiple reports out of the UK — the Telegraph offers the most information at this time — Staveley has increased her initial offer from $335 million to today’s $400-million figure which is expected to be enough to convince Ashley to accept and bring to an end his decade-long, rocky relationship with the Toon Army.

Ashley purchased the club for $177 million back in 2007 and has reportedly invested somewhere in the neighborhood of another $177 million, in the form of interest-free loans, during his stewardship. He stands to make a sizable profit in light of today’s reports, though his original asking price of $534 million is nowhere close to being met.

[ STREAM: Newcastle host Everton — Wednesday, 2:45 p.m. ET ]

The biggest question which remains — now that will he or won’t he sell? appears to have been answered — is how quickly the deal can be completed, thus allowing Staveley to back manager Rafa Benitez during the January transfer window. Once the two sides enter into deeper takeover talks and the process of transferring ownership from one to the other begins, a transfer embargo will be activated.

Benitez and Ashley traded verbal jabs over the club’s transfer dealings — or, lack thereof — in the summer, and the Spaniard has again this week insisted significant investment is needed in January, otherwise the Magpies could very well be relegated, once again. After a strong start to the season, Newcastle are winless in their last seven Premier League games (six losses) and have tumbled to 16th in the league table, now just two points clear of the relegation zone.