Mike Ashley agrees to SELL Newcastle for £ 350m & # 39; to the owner's cousin Man City

Mike Ashley has agreed to sell Newcastle for £ 350 million, according to reports.

The buyer is the cousin of Manchester City owner Sheikh Mansour, Sheikh Khaled bin Zayed Al Nehayan.

According to The Sun, contracts have already been signed and submitted to the Premier League between the two parties. Ashley is ready to retire after 12 years at the head of Tyneside.

Sheikh Khaled is a member of the Royal Abu Dhabi family and one of the most successful entrepreneurs of the Gulf States.

He is also the man who tried to take Liverpool to the tune of £ 2 billion last year, but failed in his mission.

Ashley first put Newcastle up for sale in 2008 after Kevin Keegan stepped down as manager after losing a power struggle with former club football executive director Dennis Wise.

Ashley then put the club up for sale on two other occasions.

Sheikh Mansour showed interest in Newcastle in 2008, but will eventually buy Manchester City, becoming the best team in the UK.

Sheikh Khaled is ready to finance Newcastle, if he completes a successful takeover of the North East club.

He will also be responsible for attaching a new contract to the winning Champions League coach, Rafa Benitez.

Ashley has been accused of not having invested enough in the club in recent years and has poor relations with pbadionate fans in Newcastle.

The club has not won a trophy since 1969.