Under stock exchange rules, he was required to submit a formal takeover bid and today’s announcement appears to have taken his St James’ Holdings Limited group close to that goal.

A statement from the board read: “Further to the announcement by Newcastle United PLC on May 25, 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 board will now consider its response to the offer from St James Holdings Limited. A further announcement will be made in due course.”

The sportswear tycoon invested £55m (€81m) in becoming Newcastle's biggest shareholder but a full takeover would be worth £133.1m (€195m).

Last week, the board announced their intention to meet with Ashley, who market analysts believe will have no difficulty in reaching the 50%-plus mark which was the condition of his 100p-a-share offer.

However chairman Freddy Shepherd, who holds a stake of around 29.8%, will be key to his hopes of acquiring the 75% he would need to make full control almost inevitable.

The publicity-shy Ashley’s investment has prompted hopes on the part of the fans that he could be prepared to pour more of his estimated £1.9bn (€2.8bn) fortune into strengthening on the pitch.

Manager Sam Allardyce is already planning his summer spending, but may yet have a bigger-than-expected budget with which to play.