Sheikh Khaled Bin Zayed Al Nahyan said that he has provided full proof of the funds to current Newcastle United owner Mike Ashley and has since then agreed with Ashley for the takeover to take place, and the two parties have forwarded to the Premier League the details of his attempted takeover of the club.
The Bin Zayed Group, which Sheikh Khaled is the chairman of, issued a statement on Wednesday, clarifying the timelines of the proposed takeover, with the statement saying: "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."
The statement added that "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."
This will mean that if the takeover is successful, Mike Ashley will have successfully sold the club for a rumoured fee of £350 million, the same club that he bought 12 years ago.
Newcastle United have been the subject of two previous unsuccessful takeover attempts from Amanda Staveley and Peter Kenyon, both in the last two years, after Ashley remained resilient in his asking price.
Ashley has often been criticised for not giving enough money for managers to spend, with the most notable one being that of this summer, with Rafael Benitez rumoured to only be receiving £50 million to overhaul the squad and bring in much-needed quality.
This will mean that the owners will finally be able to invest in the club even more, with Sheikh Khaled being a close relation to the Manchester City owner, Sheikh Mansour.