After 11 months on the market, owner Mike Ashley has opted to lower the price of Newcastle United by a full £80m, according to reports. 

After signalling his intention to sell last year, ​Ashley initially priced the Premier League club at upwards of £380m. However, The Shields Gazette reports that after struggling to find a buyer and failed negotiations with potential investor Amanda Staveley - coupled with pressure from Newcastle fan groups and negative media attention - the business mogul has dropped his price to around £300m as he attempts to offload the club.

Newcastle United have struggled on the pitch in recent times, overcoming a relegation battle last season to finish 10th place, while the current campaign has seen the Magpies get off to a dire start, having earned just one point from five games. 

Rafa Benitez's team currently sit 19th in the Premier League table after their loss to Arsenal on Saturday.

Despite the report of a lowered price tag, ​​many Newcastle fans remain sceptical of Mike Ashley's intentions, with many eager to see the back of the retail tycoon.

Since Amanda Staveley distanced herself from buying the club at Ashley's original quoted value, Newcastle United has seen little interest from other buyers. Though with a substantial price drop, new suitors for the club may emerge.