Representatives of billionaire Sheikh Khaled Bin Zayed Al Nahyan have confirmed they have "agreed terms" with Newcastle owner Mike Ashley and are working to complete a deal for the club
A statement from the Bin Zayed Group, of which Sheikh 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."
The confirmation came after a day of frenzied speculation on Tyneside after a report that the Dubai-based businessman, the cousin of Manchester City owner Sheik Mansour, was close to sealing a £350million takeover at St James' Park.
Newcastle declined to comment, but sources on Tyneside indicated there was an interest, although still ground to be covered before a deal could be finalised.
Current owner Mike Ashley, who bought the club for £134.4million in 2007, has put it up for sale on three occasions since, the last time in October 2017.
Previous bids to take it off his hands led by Amanda Staveley and Peter Kenyon failed to come to fruition.