Representatives of billionaire Sheikh Khaled Bin Zayed Al Nahyan have confirmed they have "agreed terms" with Newcastle United owner Mike Ashley and are working to complete a deal for the club.
The former Rangers shareholder will sell the club for a reported £350million to the cousin of Manchester City owner Sheik Mansour.
Sheikh Khaled bin Zayed Al Nehayan had previously tried to buy Liverpool but a move fell through.
A statement from 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.
"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."
If the deal is completed, it means Ashley's rocky relationship with the club and its fans will be over after 12 years in charge.
