The proposed takeover of Newcastle United is in the hands of the Premier League.

Financier Amanda Staveley, backed by Saudi Arabia’s Public Investment Fund and billionaire investors David and Simon Reuben, has agreed a £300million deal for the club with owner Mike Ashley.

The Gazette reported last week that it was a done deal following a submission to Companies House, and The Times today report a source “close to the deal” as saying: “There’s no backing out for either side now.”

A deposit has been paid, and the deal is now subject to the Premier League’s owners’ and directors’ test.

Former United striker Alan Shearer, however, remains “cautious”. Shearer told The Sun: “I refuse to get excited until the sale of the club actually goes through. I’m reluctant to get my hopes up – we’ve been here before, so what is the point? So until the deal is done, I remain cautious.”