• Watch Rachel Bullock's report here:

Is Newcastle United owner Mike Ashley on the verge of doing a deal with a Dubai-based billionaire?

It's been confirmed that talks are continuing, to sell the club to Sheikh Khaled bin Zayad Al Nehayan for £350 million. The businessman is a relative of Manchester City's billionaire owner Sheikh Mansour.

Newcastle United have maintained a polite, but firm, 'no comment'.

Could the Magpies welcome a new owner any day now? Credit: Owen Humphreys/PA Wire/Press Association Images

The amount apparently offered to Mike Ashley


The club has been on the market for 2 years

  • Who is Sheikh Khaled bin Zayad Al Nehayan?

The 61-year-old is a member of the Al Nahyan ruling family of the emirate of Abu Dhabi.

He made his fortune from the Bin Zayad Group, which has interests in international construction, industry, real estate and finance.

Last year, he tried and failed to buy Liverpool football club for £2bn.

Sheikh Khaled bin Zayad Al Nehayan has bid for Newcastle United Credit: Uni.Buzz

A spokesman for one of Sheikh Khaled's companies says terms of the deal have been agreed.

In a statement, the group said, "We view it as an honour to have the opportunity to build on the strong support, history and tradition of the club."

But with talks of possible takeovers ever since Newcastle United went on the market two years ago, should fans get their hopes up?

Amanda Staveley has been associated with buying the club since 2017 Credit: PA
  • Amanda Staveley

The businesswoman previously confirmed she was leading a bid to buy the club, but the deal drained away to nothing.

Back in January 2018, she said it was "absurd and hurtful" of Mike Ashley to suggest her Newcastle takeover bid was not a serious one.

Peter Kenyon also made a bid to Mike Ashley Credit: PA
  • Peter Kenyon

Rumours circulated in September 2018 that Peter Kenyon, a former Manchester United chief executive, who also spent time at Chelsea, was interested in buying Newcastle United.

It was reported he was working with a New York-based capital management firm on the bid.

Could Mike Ashley finally seal a deal? Credit: PA

So what's next?

Mike Ashley must be happy that the prospective owner has the funding for the deal before the Premier League can sign off approval.

But football finance expert Kieran Maguire, from the University of Liverpool, says there's still hurdles to overcome.