The Bin Zayed group's takeover bid is 'progressing well' and they hope to take control of Newcastle United before the end of the month.
That is the latest claim from The Sun's Justin Allen this morning, who originally reported interest from Sheikh Khaled Bin Zayed Al Nahyan last month.
The Sun's report also claims that the Bin Zayed group are keen to retain Rafa Benitez as manager next season and are willing to provide the Spaniard with 'much needed funds' in the summer transfer market.
Uncertainty persists over Benitez's future with the former Liverpool and Real Madrid manager's contract as Newcastle boss set to expire in 15 days.
Jose Mourinho has been touted as a possible replacement for Benitez should the Bin Zayed Group's takeover materialise but it seems their preference is to retain Benitez in the role.
The Sun report: "BIN ZAYED GROUP’S £350million takeover of Newcastle is still alive and progressing well.
"SunSport first broke the news that Mike Ashley had agreed to sell the Toon to the Dubai-based company - fronted up by multi-billionaire Sheikh Khaled
"The group claim they have already provided proof of funding to the Premier League and have reassured desperate Newcastle fans that the purchase is going ahead.
"While there has been no comment from the Magpies or Premier League, SunSport understands the deal is moving forward.
"It is a lengthy process but it is hoped the takeover can be completed before the end of the month.
"The takeover will play a huge part in Rafa Benitez’s future at the club.
"Benitez, 59, is out of contract at the end of June but Bin Zayed Group want to keep him as manager.
"They will provide him with much-needed funds to strengthen his squad this summer."
The Bin Zayed Group have previously claimed that terms have been agreed for the sale of Newcastle United and a Head of Terms agreement with the club has been sent to the Premier League.
However, it is our understanding that several parties remain interested in taking the club off Mike Ashley's hands, with at least two other parties having held talks with Ashley's lawyers.
