Newcastle United fans will love what Mark Douglas has said on Twitter this morning, as The Chronicle’s football editor reveals he believes a takeover will be completed at St. James' Park if it is backed by Saudi Arabia's sovereign wealth fund.The Toon Army have been there and seen it all when it comes to takeover rumours, constantly fighting off the urge to celebrate the possibility that the infamous Mike Ashley could actually leave the Magpies once and for all.

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However, it seems the latest talks are much more advanced than those in the past, after The Telegraph revealed earlier this week that paperwork has been submitted to the Premier League on a proposed takeover.

The Telegraph expect it to be a £340m deal in which the Saudi Public Investment Fund (PIF) would take over 80 per cent of the club, and Douglas, one of the more reliable reporters on the club, has given his verdict.

While he has been careful not to explicitly say the takeover will be completed, qualifying his comments that “it’ll get done” by saying that is only if the deal is backed by “Saudi dosh”, things are certainly looking optimistic.

That makes perfect sense too, as if there's one word you would relate with Ashley it's greed, something that would be satisfied in a deal with the Saudi PIF given the resources available to them.

It may not quite be time to break out the champagne (or cans) yet on Tyneside, but the St. James’ Park faithful should be excited by the fact that this appears to be the furthest takeover talks have ever gotten during Ashley’s time at the club.