Manchester City owner and Saudi Arabian billionaire Sheikh Mansour bin Zayed Al Nahyan's cousin is reportedly close to acquiring the ownership of a Premier League club for a fee believed to be in the region of £350 million (R6.5 billion).
Sheikh Khaled Bin Zayed Al Nahyan is no stranger to the business of buying football clubs, with the Sheikh's investment company having previously tried and failed in their £2 billion (R37 billion) takeover attempt of Liverpool in 2018.
According to The Newcastle Chronicle, Abu Dhabi billionaire Sheikh Khaled bin Zayed Al Nehayan is said to have agreed to terms with Magpies owner Mike Ashley, which will see the Sheikh's investment company complete their takeover of Newcastle.
"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," Midhat Kidwai, group managing director of the Bin Zayed Group said in a statement, as per The Newcastle Chronicle.
"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."
According to reports from The Guardian, the multi-million deal is valued at £350 million.
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