Dubai group 'agree terms' for Newcastle United takeover

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Representatives of Dubai-based Sheikh Khaled Bin Zayed Al Nahyan said Monday they had "agreed terms" with Newcastle United owner Mike Ashley, moving closer to completing a deal to buy the Premier League club.

A statement from billionaire Sheikh Khaled's Bin Zayed Group said: "We can confirm that 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 have agreed terms and are working hard to complete the transaction at the earliest opportunity."

Newcastle United owner Mike Ashley (R) and managing director Lee Charnley watch their team's Premier League match against Southampton, in Southampton, UK, October 27, 2018. /VCG Photo

The statement said Sheikh Khaled considered it "an honor to have the opportunity to build on the strong support, history and tradition of the club."

Reports at the weekend said Sheikh Khaled, a relative of Manchester City owner Sheikh Mansour, was close to sealing a 350 million pounds (443 million U.S. dollars) takeover.

A spokesman for the club "politely declined" to comment, but sources close to the club have indicated there was interest, but many ends still needed to be tied up before a deal could go ahead.

Newcastle United supporters hold up banners against owner Mike Ashley before the team's Premier League match against Manchester City in Newcastle, UK, January 19, 2019. /VCG Photo

Ashley, the founder of the Sports Direct retail chain, bought the club for 134.4 million pounds (170 million U.S. dollars) in 2007 but has faced a string of protests from supporters disgruntled at what they see as a lack of investment in players.

He has put Newcastle up for sale three times, but every bid has failed to produce a deal.

Source(s): AFP