Newcastle takeover nears as Sheikh reveals terms agreed

Sheikh Khaled Bin Zayed Al Nahyan is working to complete a takeover at Newcastle after agreeing terms with Mike Ashley, the billionaire has revealed.

The Dubai-based tycoon, cousin of Manchester City owner Sheik Mansour and a member of the Abu Dhabi royal family, insists he has “agreed terms” and is now attempting to “complete the transaction at the earliest opportunity”.

A statement released by the Bin Zayed Group, of which Sheikh Khaled is chairman, 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.

Mike Ashley HMV takeover
Mike Ashley looks set to sell Newcastle (Owen Humphreys/PA)

“We view it as an honour to have the opportunity to build on the strong support, history and tradition of the club.

“We have agreed terms and are working hard to complete the transaction at the earliest opportunity.”