Newcastle takeover update will excite fans with Rafa Benitez’s contract running down

In late May, it emerged that Newcastle owner Mike Ashley had agreed to sell the club to multi-billionaire Sheik Khaled Bin Zayed.

The Bin Zayed Group have agreed a £350million deal to take over the Toon, who have been under Ashely’s stewardship since May 2007.

Newcastle haven’t commented on the potential sale of the club, leaving many fans in the dark over its future.

But according to The Sun, the Bin Zayed Group are on course to assume ownership.

Sheik Khaled is optimistic of completing his takeover by the end of the month.

The 61-year-old, who is a member of the Dubai Royal family, is still awaiting the Premier League’s blessing before his proposed takeover can be completed.

“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,” a statement from the Bin Zayed Group read.

“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.

Express Sport understands Sheik Khaled is optimistic of completing his takeover by the end of the month

“The proof of funds statement was forwarded to Mike Ashley’s lawyers on April 17, 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.”

The Bin Zayed Group’s takeover will likely be a key factor when manager Rafael Benitez decides his future.

The Spaniard is out of contract at the end of the month and has failed to agree a new deal with Ashley.

The Bin Zayed Group are keen to retain the former Real Madrid manager’s services and will likely give him a hefty transfer kitty should they take ownership of the club.

Newcastle ended the 2018-19 Premier League season in the 15th place, seven points above the relegation zone.

The Toon play their first pre-season game on June 17, taking on their league rivals Wolves in the Premier League Asia Trophy tournament in China.

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