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Prospective Newcastle buyer Sheikh Khaled: I've provided proof of funds

Sheikh Khaled Bin Zayed Al Nahyan has insisted he has provided proof of funds in his bid to buy Newcast Credit: PA

Sheikh Khaled Bin Zayed Al Nahyan has insisted he has provided proof of funds in his bid to buy Newcastle.

The Dubai-based businessman sparked excitement on Monday when he claimed to have "agreed terms" with current owner Mike Ashley and was working to "complete the transaction at the earliest opportunity".

Sources on Tyneside were quick to insist that - while talks had taken place over a deal understood to be worth in the region of £350million - any sale was some way from being finalised, sparking scepticism over Sheikh Khaled's ability to push home his interest.

However, the Bin Zayed Group, of which he is chairman, moved to clarify his position with a statement issued to Press Association Sport on Wednesday.

It said: "In consideration of the numerous speculations in regards to the timelines of the acquisition of Newcastle United Football Club by Bin Zayed Group, we feel the need to issue this statement.

"Terms have been agreed between us and Mike Ashley; these terms have been reflected in a document, signed by both parties, which has been forwarded to the Premier League.

"The proof of funds statement was forwarded to Mike Ashley's lawyers on April 17 2019.

"The so called fit-and-proper Premier League process is a standard procedure which will take time, and we are doing all we can to assist the Premier League during this process.

"We feel the need to clarify this point in order for the fans and the general public to understand the timelines."