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LONDON: Mike Ashley has agreed to sell Newcastle United to Abu Dhabi billionaire Sheikh Khaled bin Zayed Al Nehayan for 350 million pounds (445.24 million US dollars), the Sun said on Sunday (May 26th).
The contracts between Ashley and Sheikh Khaled were signed and submitted to the Premier League, according to the report.
Ashley, who acquired a majority stake in the Premier League club in 2007, has already tried to sell the club.
Ashley, owner of British sportswear retailer Sports Direct International Plc, said last October that he had received no acceptable offer for Newcastle, a year after the club's official sale, but said indicated to Sky News in December that the negotiations had resulted in a promising progress agreement.
Any potential buyer of the club must be able to provide transfer funds, he said at the time.
Sheikh Khaled, the cousin of the Arab billionaire owner and billionaire of Manchester City, Sheikh ben Zayed Al Nahyan, had previously failed in his bid to buy the Liverpool football club for 2 billion pounds last year, reported the Daily Mail.
Sheikh Khaled is also the founder of Bin Zayed Group, a leading conglomerate with diverse commercial interests in local and international markets.
Newcastle United, Premier League and Bin Zayed Group did not immediately respond to Reuters' requests for comment.
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