Newcastle takeover hopes fade as Rafa Benitez waits on Mike Ashley to show him transfer funds

Newcastle fans will take their protests to Ashley this week with demonstrations planned for Saturday at Sports Direct's flagship London store and the company's Shirebrook headquarters.

The Magpie Group, formed by a network of supporter groups, wants Ashley to sell up – and quickly.

Ashley put the club up for sale just over a year ago, and the billionaire – who broke off talks with financier Amanda Staveley in January – will consider offers close to £300million.

There have been expressions of interest, but, crucially, no formal offers.

Ashley may want to sell, but he's not so keen to sell that he's willing to sell at a personal loss.

The 54-year-old has re-engaged with the club over the past seven weeks, having started attending games again in late September. Ashley also took Benitez and his players out for a meal.

Ashley was at St James's Park for Saturday's 2-1 win over Bournemouth, which lifted the club up to 14th in the Premier League.

The question is just how much Benitez will get to spend in January's transfer window.

In the summer Ashley wanted Benitez to sign a new deal before agreeing a funding package. Benitez wanted to talk figures before committing his long-term future to the club, so there was a stand-off.

Benitez, in the end, had to sell in the summer to finance his spending.

Will Ashley be any more prepared to back Benitez without him signing a new deal given the club's precarious position? Benitez, for his part, doesn't want to consider his future until late this season, and it's clear that if he's not backed, he will walk next summer when his contract expires.

A sale looks unlikely in the meantime. Ashley has made it known that he wants any buyer to have the financial strength to invest in the club – something he hasn't been prepared to do in his 11 years as owner. Investment is desperately needed. It's needed in the squad, the training ground and the Academy.

Ashley's re-engagement suggests he'll be around for some time to come. Benitez, diplomatically, said his attendance at games was "positive", given that he was able to see for himself what's needed on the pitch.

Seeing is one thing. Doing something about it is another thing.

Benitez was jokingly told to be careful after the Bournemouth game, as Ashley might be even more reluctant to invest in a winning team.

“It’s a nice problem to have," smiled Benitez.

Newcastle's problems, however, haven't gone away after two victories.

And Benitez – who has been sifting through potential transfer targets with head of recruitment Steve Nickson – is waiting for Ashley to show him the money.

If he doesn't, he will be gone next summer.