Newcastle Set for Takeover as Mike Ashley 'Signs' Contract on Dubai Billionaire's £350m Offer

Newcastle United owner Mike Ashley has reportedly agreed on a deal to sell the side to Sheikh Khaled bin Zayed Al Nehayan for £350m. The Dubai-based billionaire

Newcastle United owner Mike Ashley has reportedly agreed on a deal to sell the side to Sheikh Khaled bin Zayed Al Nehayan for £350m.

The Dubai-based billionaire - who is the cousin of Manchester City owner Sheikh Mansour - attempted to buy fellow English outfit Liverpool for £2bn last year in what would have been the most lucrative sale of a football club in history. However, the Tyneside club are yet to comment on rumours that the deal has been finalised.

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The Sun writes that contracts between the two parties have already been signed and sent to Premier League officials, with Ashley deciding to end his 12-year reign at St James Park following an extended period of criticism from supporters.

The incoming Sheikh will have his work cut out on arriving at Newcastle as coach Rafa Benitez's future in the northeast remains unclear. The Spaniard's current deal with the team is due to expire this summer, though the Toon faithful are eager to have him stay on board.

Nevertheless, the former Liverpool boss may have his head turned by the new owner's alleged willingness to provide significant backing in the transfer window after several seasons of inadequate financial support provided by Ashley.

Despite reports, the Telegraph were unable to gain confirmation of the agreement when questioning Magpies representatives, with several high-placed sources claiming they could not divulge any information on the situation.

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However, one member of staff did state that the aforementioned fee was accurate, though they refused to continue the discussion. 

This is the second time in recent memory that Sheikh Khaled has made approaches for a Premier League side, with o John Henry rebuffing his attempts to acquire Liverpool in 2018. 

Comments made regarding those negotiations may worry United fans after the Press Association reported that (as quoted by the Mirror): "[the deal] did not get past the vetting stage because it was deemed neither credible nor worthy of being put to the ownership."