Rafael Benitez to be handed £500m transfer kitty?

Newcastle United manager Rafael Benitez may get upto £500m to spend on new recruits, should Amanda Staveley manage a successful takeover from Mike Ashley.

The 44-year-old is presently preparing a £300m bid for the Tyneside club, which is still £100m short of Mike Ashley's valuation.

According to The Express, negotiations between both parties are expected to be held with Staveley looking to potentially take Newcastle to the top of the Premier League.

Staveley, who controls around £30bn of capital through her firm PCP Capital Partners, played a key role during Manchester City's takeover by Abu Dhabi investors back in 2008.

Should things go as planned, Benitez could be allotted with a massive £500m kitty to buy players in the next transfer windows, and potentially turn Newcastle into a Premier League challenger.

Despite the limited spending in the summer, Newcastle have begun smoothly under Benitez this term, and they are presently lying just two points below the Champions League places in seventh.

Former players including Hatem Ben Arfa and Andros Townsend have been linked with moves back to St. James Park, and the New Year could trigger a massive spending spree for the club.