North East Deals Matthew Ord

Newcastle United could be subject to a £340m takeover bid from Saudi Arabia's sovereign-wealth fund, according to reports.

The Wall Street Journal has reported that the Public Investment Fund – Crown Prince Mohammed bin Salman's investment entity – together with a group of investors organised by British financier Amanda Staveley, are behind the talks.

Under the terms of the agreement, businessmen David and Simon Reuben would take 10 per cent, Staveley's company would take the same amount, and PIF would fund the remainder, said the publication.

Mike Ashley has been looking to the sell the Magpies for a number of years.

According to the BBC, discussions are "advanced" and the chances of an agreement being struck are "high".

Newcastle United currently sit in the bottom half of the Premier League but are only four points off fifth place.