Dubai-based Sheikh Khaled Bin Zayed Al Nahyan said Wednesday that he has provided proof of funds to Newcastle United owner Mike Ashley as he looks to take over the Premier League football club.
In a statement issued by the Bin Zayed Group, which Sheikh Khaled chairs, he confirmed the deal "will take time" but added that he was doing all he could to assist the Premier League in its so-called "fit and proper owner" checks.
Terms of the deal, understood to be worth in the region of £350 million, "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 statement said.
It added that the proof of funds statement was forwarded to Mike Ashley’s lawyers on April 17.
The statement went on to say: “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,” concluded the statement."
In an earlier statement, Sheikh Khaled, a relative of Manchester City owner Sheikh Mansour, said he considered it "an honour to have the opportunity to build on the strong support, history and tradition of the club".
Ashley, the founder of the Sports Direct retail chain, bought the club for £134.4 million in 2007 but has faced a string of protests from supporters disgruntled at what they see as a lack of investment in players.
He has put Newcastle up for sale three times but every bid has failed to produce a deal.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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