"If Mike Ashley stays it could lead to him approaching David O'Leary to be the manager. As always with Newcastle it's ifs and buts but certainly as things stand this morning, it could be David O'Leary and Mike Ashley could be staying."
Local businessmen Barry Moat had emerged as a leading contender to buy the club, which Ashley bought in 2007.
Moat, an executive box holder at St James' Park, has previously invested in the club's academy and also helped to organise former striker and manager Alan Shearer's testimonial.
Ashley paid £134.4m for Newcastle and was reportedly willing to sell for as little as £80m.
It is the second time Ashley has put the Magpies up for sale, having originally taken them off the market in December 2008.
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