Mike Ashley’s conduct as Newcastle United’s owner came under renewed criticism from home and abroad last night after he failed to secure a hasty sale of the club in the Middle East. The sportswear retailer and his directors are alleged to have snubbed a meeting with potential investors in Dubai after dismissing a proposed £200 million offer as derisory.

Given the determination of Sheikh Mohammed, the ruler of Dubai, to secure the purchase of Liverpool, the worth of Ashley travelling to the emirate with Dennis Wise, the Newcastle executive director (football), and Derek Llambias, the managing director, was dubious. Documents received by representatives of Sheikh Mohammed this week showed that Ashley is seeking to sell the club for £483 million.

That inflated figure is roughly twice what the businessman spent in buying Newcastle last summer and reducing their debts. Ashley said in his emotional statement last week that he “did not buy Newcastle to make money” but warned protesting supporters that a sale “won’t happen overnight and it may not happen at all if a buyer does not come in”.

Ashley is reported to have refused to attend a meeting with possible investors at the Mina A’Salam Ramadan Tent in the Madinat Jumeirah hotel after learning that any bid for the club would be drastically less than his asking price. Instead, he, Wise and Llambias are alleged to have spent three hours drinking cocktails at the Bahri Bar; the positions of all three men have been questioned by supporters.

There was also criticism for Ashley from a familiar foe. Dave Whelan, the Wigan Athletic chairman, showed little solidarity with his counterpart, who has also been a long-term rival in the retail sphere. “The fans up there eat, breathe and live for one thing, and that is Newcastle United,” Whelan said. “Unless you put your whole heart into it, are a 100 per cent Geordie and are backing them, they will give you stick. He has got it, and he deserves it.

“I know Mike Ashley quite well as I was running JJB when he was with Sports Direct, and he is a bit unusual. He is a very good retailer, but at managing a football club, no, especially with him being a Tottenham supporter and then going up to Newcastle, a club that is a different kettle of fish to most in the land.”