Sheikh Khaled bin Zayed Al Nehayan agrees to BUY Newcastle United in stunning statement

The Bin Zayed Group founder has revealed he has held discussions with owner Mike Ashley and hopes to complete a £350million deal "at the earliest opportunity."

“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," a statement read.

“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.

“Best Regards, Midhat Kidwai, Group Managing Director, Bin Zayed Group."

Newcastle have refused to comment.

The news first broke of Sheikh Khaled's interest late on Sunday night, where The Sun claimed contracts had been signed and submitted to the Premier League.

Newcastle initially declined to comment before conceding talks had taken place with the Dubai businessman, though rubbished claims that a takeover was imminent.

The Premier League were also approached, and like United, issued a "no comment" response.

However, throughout Monday afternoon, noises from the Middle East were adamant Sheikh Khaled had reached an agreement with Ashley.

And it seems those reports were proven to be true with the Abu Dhabi royal family member reaching out to release an official statement to confirm he is serious.

It is news that will delight Newcastle fans, who are desperate to see the back of Ashley after a controversial 12 years at the helm.

And it could be a change in ownership which may spark a new beginning for the Tyneside club - if his relation to Manchester City owner Sheikh Mansour is anything to go by.

Earlier reports are believed to have outlined Sheikh Khaled's plans for the Magpies, which includes negotiating a new contract with popular manager Rafa Benitez.

The Spaniard has made no secret of his desire to turn Newcastle into a top end Premier League club, and the potential new owner is willing to provide the relevant funds.

While Sheikh Khaled's personal wealth is unknown at the moment, his family's estimated worth is around £150billion.

In August, the Boston University graduate attempted to buy Liverpool, tabling a £2bn offer but fell short after he was unable to provide proof of funds or £25m down payment.

Despite the knockback, Sheikh Khaled, also president of the UAE Sailing and Rowing Federation, is said to have retained his dream of acquiring a Premier League club.