English Premier league club Newcastle United owner Mike Ashley has “agreed terms” to sell the club to UAE royal family member Sheikh Khaled bin Zayed Al Nehayan.
As per his investment group, the billionnare Sheikh, a cousin of Manchester City owner Sheikh Mansour, now hopes to complete the transaction at the “earliest opportunity” after reports signed papers had been submitted to the Premier League.
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“We can confirm the 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,” the Bin Zayed Group confirmed in a statement.
“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.
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“Best Regards, Midhat Kidwai, Group Managing Director, Bin Zayed Group.”
Ashley who has been under fire from the club supporters has been in talks to sell the club for a number of weeks but has insisted on doing so in secrecy with the club refusing to comment of speculation over a £350m agreed fee.
Sheikh Khalid is president of the UAE Sailing and Rowing Federation and an avid follower of football and is known to have a long-standing interest in buying an English club. He previously failed in a bid to buy Liverpool FC.
The 61 year old graduated with a degree in business administration before completing PhD in finance from Michigan State University. He set up Bin Zayed Group in 1988 to emerge as one of the most successful entrepreneurs in the gulf.