Sheikh Khaled, cousin of Man City owner, confirms he has ‘agreed terms’ to buy Newcastle

Takeover talks between Newcastle United owner Mike Ashley and Dubai-based billionaire Sheikh Khaled bin Zayed Al Nehayan have this evening been confirmed.

Ashley’s turbulent reign

Current Magpies’ owner Ashley has run the rule over proceedings at St. James’ Park for the last 12 years.

A somewhat surprising deal in 2007 saw the Sports Direct mogul purchase Sir John Hall’s 41% majority stake in Newcastle, for a fee of around £55 million.

However, to say that Ashley’s time at the helm of the Geordie outfit has since been tumultuous would be putting it lightly.

A lack of investment in the club has seen Newcastle relegated to the Championship twice over the space of Ashley’s reign, with the Magpies’ loyal fanbase having made their understandable frustrations increasingly-clear over recent seasons:

Newcastle takeover imminent?

As such, breaking news this evening that negotiations over Newcastle’s sale are now well under way will no doubt come as music to the ears of the club’s fans.

In an official statement a short time ago, the Dubai-based Bin Zayed Group confirmed negotiations over buying Ashley out of his stake at St. James’:

‘We can confirm the representatives of his Highness Sheikh Khaled Bin Zayed Al Nahyan are in discussions with Mike Ashley and his team about the proposed acquisition of Newcastle United Football Club.’

‘We view it as an honour to have the opportunity to build on the strong support, history and tradition of the club.’

Quotes via the BBC.

In fact, Sheikh Khaled bin Zayed Al Nehayan (cousin of Manchester City owner Sheikh Mansour), who saw a £2 billion takeover attempt of Liverpool knocked back last year, even went as far as to state that terms over his purchase of Newcastle have been agreed:

The Magpies themselves, meanwhile, have since affirmed the validity of the Bin Zayed Group’s statement:

Any potential deal is expected to be worth around £350 million.

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