DUBAI SHEIK’S £350m TOON DEAL ‘AGREED’

NEWCASTLE United’s proposed £350million takeover by Sheik Khaled bin Zayed Al Nehayan has been ‘agreed’, according to a businessman claiming to be his representative.

Midhat Kidwai, who says he is the managing director of the Bin Zayed Group, claims ‘we have agreed terms and are working hard to complete the transaction at the earliest opportunity’.

It has led to excitement among supporters that Mike Ashley’s turbulent 12-year reign as owner is about to come to an end.

However, sources close to the club say that, while talks have taken place, it has not reached the stage where paperwork has been submitted to the Premier League. Within such paperwork would be the owners and directors test documents. Nor, we are told, has there been proof of funds.

Newcastle say the interest from the Dubai-based group is genuine and it is understood the club have informed the Premier League that a takeover could be in the offing, without revealing any details about a potential buyer.

But there remains scepticism among several sources. It has been said that Sheik Khaled is a senior member of the Abu Dhabi royal family and a relative of Manchester City owner Sheik Mansour, although insiders at City have played down the connection.

The Premier League would be sure to study any link before signing off a takeover. But City sources suggest Sheik Khaled is ‘not the same Bin Zayed’ as the City owner, and is from a different Emirate (Dubai) and therefore is a distant relative at most.

Allowing a relative of a Premier League owner to buy a rival club would obviously undermine the integrity of the competition.

If it can be demonstrated that no strong links exist, it could be the group can meet the criteria.

The Sheik’s attempted takeover of Liverpool last year — for what was claimed would be a record £2billion deal — was dismissed by the Anfield club after a failure to provide proof of funds.

One source has indicated that the group were viewed as time-wasters.

But in a statement circulated by Kidwai last night, they appeared confident that a deal to buy Newcastle is close.

It read: ‘We have agreed terms and are working hard to complete the transaction at the earliest opportunity.’

It is also said that Sheik Khaled wants to keep Rafa Benitez as manager.