Newcastle United owner Mike Ashley has agreed to sell the club for £350million to billionaire Sheikh Khaled bin Zayed Al Nehayan, the half-brother of Manchester City’s owner, per The Sun.
The report claims that contracts between the two parties have already been exchanged and submitted to the Premier League for ratification.
Ashley is said to have decided to bring the curtain down on a 12-year reign in charge of the Magpies by selling the club to Al Nehayan, a senior member of the Dubai royal family.
The Sheikh had previously attempted to buy Liverpool, but it now appears that he will be taking charge at St James’ Park.
Ashley has long been seen as the reason for Newcastle’s failure to kick on in the Premier League and The Sun claim that, if the takeover goes through, funds will be made available to manager Rafael Benitez to strengthen the squad.
Newcastle has been the subject of takeover bids before, with both Amanda Staveley and Peter Kenyon failing to reach an agreement with Ashley.
Newcastle may be taking a step into the unknown here but this is manna from heaven for most Magpies fans.
Ashley has been regarded as a poisonous influence in the north-east for so long and it now seems as though that will finally be put to rest.
Of course, fans will be hoping for a spending spree this summer as Newcastle look to once again establish themselves in the top half of the Premier League.
The first step to that is Ashley relinquishing control and heading off into the sunset; he finally looks set to do just that.
With the financial might of the Dubai royal family behind them, the Magpies could soon be challenging at the very top end of the division.
Supporters, surely, will be beside themselves.