Sheikh Khaled bin Zayed has not provided proof of funds for his proposed takeover of Newcastle United, reports claim.
The billionaire is a senior member of the Abu Dhabi royal family and is said to be a distant relative of Manchester City’s Arab owner Sheikh Mansour.
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Mike Ashley wants to sell Newcastle for a reported £350million
On Monday, Midhat Kidwai, the managing director of Khaled’s Bin Zayed Group, released a statement claiming they had ‘agreed terms’ with Magpies owner Mike Ashley to end his turbulent 12-year spell on Tyneside.
However, The Daily Mail claim the group has not reached the stage where paperwork is submitted to the Premier League and is yet to provide proof of funds.
Given Ashley’s lack of spending over the years and unpopularity at St James’ Park, Newcastle fans are hoping Khaled, who failed to buy Liverpool in a £2billion deal last summer, could be the man to transform the club’s ambitions.
They have finished 10th and 13th in their two seasons back in the top-flight under Rafa Benitez despite the Spaniard complaining about a lack of backing from the board.
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Newcastle fans are desperate for Rafael Benitez to stay
Benitez’s contract runs out on June 30, and it is believed he wants clarifications from owner Ashley over the club’s ambition before signing fresh terms.
But a takeover from Khaled could see him extend his stay at St James’ Park.
Khaled appears confident of completing the £350million takeover, but Newcastle are privately insisting that a deal is far from close.
A statement released by the Bin Zayed Group, of which Khaled is chairman, said: “We can confirm that 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.
“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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