The claim is made in
The Sun newspaper, which reports on the tycoon putting the value on the Magpies after an approach was made to buy the club.
Ashley reportedly told private equity investors InterMedia Partners he wanted £420m to seal the deal.
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The Americans are believed to have seen the club's financial acounts in a bid to broker the deal.
However, the investors were looking for a price around the £320m mark.
An insider is quoted in
The Sun saying: "The Americans specialise in investing in sport and wanted to break into the soccer market in Europe.
"They thought Newcastle would be the ideal starting place for them.
"As soon as Ashley asked for £420m the deal was dead.
"The Americans were interested but didn't think they could justify that level of investment."
There has been speculation for the past six months that Ashley, who only purchased the club 12 months ago, has been looking to sell United on.
He purchased Newcastle from Freddy Shepherd for £137m and took on around £80m of debts.
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