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Mike Ashley's takeover of Yorkshire County Cricket Club has collapsed following refusals to establish his Slazenger brand in the sport.

The ex-Newcastle United owner was in the final stages of negotiating a £23 million deal, according to the Daily Mail, which would have seen him rescue Yorkshire from its debts following the Azeem Rafiq racism scandal.

Mike Ashley's Frasers Group was also in the running with a rescue deal for Yorkshire CCC. Photo by Carl Court/Getty Images.

As part of the deal Ashley was set to buy Headingley and lease the stadium back to the club with the new name Slazenger Headingley Cricket Stadium. And whilst the club was against the rebrand, the need for funds saw the stipulation agreed.

The naming rights issue is reminiscent of Ashley’s tenure at Newcastle United, where St James’ Park was temporarily renamed ‘Sports Direct Arena’ before the original name was restored a year later.

The business man's move was in order to gain advantage in his priority move for his sportswear brand, as Ashley believed rescuing Yorkshire would help Slazenger become the England cricket team's kit manufacturer.

However Mail Sport revealed the England and Wales Cricket Board (ECB) have refused the Slazenger deal and Ashley has walked away entirely.

Former Yorkshire chairman Colin Graves is now considered the frontrunner to rescue the club.

Ex-Newcastle United owner Mike Ashley's £23m deal collapses following major sports snub