A man dubbed the "biscuit king" of Turkey has emerged as a potential suitor to purchase Newcastle United from Mike Ashley.

Following months of speculation, Ashley confirmed yesterday that he has officially put the club up for sale and is aiming to have a deal done by Christmas.

British businesswoman Amanda Staveley was one of the first names connected with a takeover and was spotted in the stands for the Magpies' 1-1 draw with Liverpool earlier this month.

According to the Evening Standard, the latest name linked with a takeover is Murat Ulker, Turkey's richest man with an estimated personal fortune of £2.8 billion.

The newspaper claims that Ulker is prepared to offer Ashley £220m for the club, which is significantly less than Ashley's alleged price tag of £360m, and will vow to back manager Rafael Benitez with £60m in the transfer window.

Ulker's London-based representative Tom McLoughlin said: "The Ulker family have substantial assets and significant investments already in the UK.

"We understand football and our initial specific target would be to make Newcastle a solid top six club and a permanent feature in Europe with a popular local and worldwide following."

Ulker owns Yildiz Holdings, a European food company which has brands such as McVitie's, Penguins and Jaffa Cakes.