Newcastle owner Ashley is looking to sell the club and, in recent days, the Bin Zayed Group have emerged as frontrunners to secure the club.
And, now, the Dubai-based group have confirmed they have agreed terms with Ashley regarding a takeover.
Director Midhat Kidwai in a statement said: “In consideration of the numerous speculations in regards to the timelines of the acquisition of Newcastle United Football Club by Bin Zayed Group, we feel the need to issue this statement.
“Terms have been agreed between us and Mike Ashley; these terms have been reflected in a document, signed by both parties, which has been forwarded to the Premier League.
“The proof of funds statement was forwarded to Mike Ashley’s lawyers on 17 April 2019.
“The so called fit-and-proper Premier League process is a standard procedure which will take time, and we are doing all we can to assist the Premier League during this process.
“We feel the need to clarify this point in order for the fans and the general public to understand the timelines.”
Sheikh Khaled is in talks with Ashley over a £350million purchase.
And the group want to retain manager Rafa Benitez.
However, when asked about his future recently, Benitez played his cards close to his chest.
The Spaniard said: “It has been a great achievement by all involved. As everyone can see, the Premier League is a difficult league with a high competitive level.
“That is why we all have to feel satisfied with what we have achieved over the last two years.
“Balance is key and to get the most out of your players, whether you want to win the Champions League or stay in the division.
“It depends on the way that someone has chosen to play, one way or another.
“My teams compete well and, above all, I like to adapt to the conditions that I have.
“(I’m motivated) because I’m a coach that comes from below.
“I know what happens inside a changing room, and I like to be out on the training pitch and transmitting something to my players.
“I want to improve them, regardless of the level they are at. I want them to learn to understand the game, so they can be better.
“It motivates me to achieve the goals I set for myself, whatever they may be.”
