Sheikh Khakled, cousin to Manchester City owner, Sheikh Mansour has reportedly agreed to buy Newcastle United.
The Abu Dhabi billionaire has reportedly struck a £350m deal with current Magpies owner Mike Ashley, according to a report by Skysports.
It was reported that the duo have signed contracts and submitted the paperwork to the league.
Representatives of Sheikh Khaled confirmed on Sunday night that the deal was “concluded” and that the prospective new owner in Sheikh is very keen to keep Rafael Benitez as manager of the club, the Daily Mail reported.
The billionaire’s associate said that the businessman tycoon expects to be in complete control in time in order to sign players in this summer’s transfer window. The summer transfer window opened on 16 May and closes on 8 August for Premier League clubs.
However, there’s still lots of paperwork yet to be made and a long way to go for the deal to be actualized.
Mike Ashley is said to have had secret takeover talks with at least two interested parties in the last two weeks.
Recall that Sheikh Khaled, cousin to Manchester City owner and Arab billionaire Sheikh Mansour bin Zayed Al Nahyan tried and failed to buy Liverpool for a sum of £2bn last year.
Liverpool confirmed that meetings related to a takeover at the club did take place in New York between the managing director of Sheikh Khaled’s conglomerate, Midhat Kidwai and chairman, Tom Werner.
But the Press Association reported that the offer “did not get past the vetting stage because it was deemed neither credible nor worthy of being put to the ownership.”
Mr Ashley first attempted to offload Newcastle in 2008 and has put the club up for sale on two further occasions.
Manchester City owner, Sheikh Mansour showed interest in taking over Newcastle back in 2008 but would eventually go on to buy Manchester City, who are now reigning champions of England.