Billionaires Simon and David Reuben have rejected a suggestion that they are funding the purchase of Newcastle United Football Club from owner Mike Ashley.

The brothers, who are of Iraqi Jewish descent, were named by businesswoman Amanda Staveley as the financial backers of her £250 million bid to buy the Premier League club.

According to the Guardian, Ms Staveley revealed on Wednesday that the Reuben family were co-investors.

A spokesperson for the Reubens confirmed that the family had considered investing in Newcastle after being approached by Ms Staveley in December, but had rejected the possibility.

“It is true that we did have a look at it, but nothing actually happened,” the spokesman said. “We are not investing in Newcastle United either as Reuben Brothers or as any individuals.”

The Reubens were ranked at number three in the 2017 Sunday Times Rich List, with a £14 billion fortune from property and the internet.