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The board of Newcastle United football club has announced it is considering a takeover offer from businessman Mike Ashley.

Ashley, a sports business magnate who owns several leading companies and labels including Sports World, Dunlop Slazenger and boxing brand Lonsdale, made an official offer to buy up all available shares in the club after buying out former majority shareholder Sir John Hall.

And his approach for the remaining shares is now under consideration, according to a statement released to the stock exchange.

"Further to the announcement by Newcastle United on May 25th 2007, the board of Newcastle United announces that there was a meeting with Mike Ashley and his team earlier today at which there was a useful and constructive discussion," the statement read.

The board added it would "consider its response" to the approach, which values the club at about £133 million.

"A further announcement will be made in due course," the statement concluded.

The club are expected to make waves in the player transfer market this summer, after speculation linking team captain Scott Parker with a move away from the club today.

New manager Sam Allardyce is expected to be handed a significant transfer budget to improve the squad, regardless of who owns the club for the start of the season.

But fans, players and everyone behind the scenes at St James' Park is likely to want to the ownership saga concluded as soon as possible to allow the club to build a team capable of challenging higher up the Premiership than last season.