House of Fraser owner Mike Ashley has agreed to sell Newcastle United to an Abu Dhabi billionaire for £350 million, it has been reported.
Contracts between Ashley and Sheikh Khaled bin Zayed Al Nehayan have been signed and submitted to the Premier League, according to the Sun.
Ashley, who bought a controlling stake in the Premier League club in 2007, has in the past tried to sell the club. He recently saw his 30% stake in Debenhams wiped out after the store was out into the hands of its creditors.
Ashley, who owns Sports Direct and previously part-owned Rangers FC, said last October that he had not received any acceptable offers for Newcastle, a year after he officially put the club up for sale, but told Sky News in December that talks on a deal had made promising progress.
Any potential buyer of the club must be able to provide transfer funds, he had said at the time.
Sheikh Khaled, the cousin of Manchester City owner and Arab billionaire Sheikh Mansour bin Zayed Al Nahyan, previously failed in his bid to buy Liverpool FC for £2 billion last year, the Daily Mail has previously reported.
Sheikh Khaled is also the founder of Bin Zayed Group, a leading conglomerate with diverse business interests in the local and international markets.
Newcastle United, the Premier League and the Bin Zayed Group did not immediately respond to Reuters’ requests for comments.
