Get the latest NUFC transfer and takeover news straight to your inbox for FREE by signing up to our newsletter Subscribe Thank you for subscribing We have more newsletters Show me See our privacy notice Invalid Email

The figures behind would-be Newcastle United owners the Bin Zayed Group are adamant that their bid for the club remains in play and they are serious despite 24 hours of intense scrutiny of their credentials.

On a day of claims and counter-claims, United were no closer to a deal for Rafa Benitez or the club to changing ownership. But there has been an element of push back against the scepticism that has grown since last night.

Contacted by ChronicleLive they spoke about “when” the deal for United is completed not if. And they also issued a strong denial of claims that they don’t have the money to complete the deal, insisting they have provided proof of funding to relevant parties.

On a day of contradicting claims that must be torture to fans desperate for positivity at St James’ Park, several different narratives emerged. But after speaking to sources on the buying side, the selling side and independent sources there are a few indisputable facts: the Premier League is clear no documentation has been submitted yet to complete a deal but this is a real attempt to buy Newcastle from an owner who is, finally it appears, ready to be a more compliant seller of the Magpies.

While there is scepticism from some, the Bin Zayed Group are bullish about the bid, standing by their statement of 24 hours ago that “terms have been agreed” and a takeover is on the cards. And ChronicleLive today spoke to a high-profile figure independent from the Bin Zayed Group who said that a well-known broker for football club sales has been involved from the start with this takeover bid.

Newcastle United continue to sit on the fence and will not issue a statement to clarify the current situation, preferring to let it play out.

Fans will be intensely frustrated by that but it’s worth pointing out that it is Mike Ashley who is selling the club and negotiations are in the hands of his lawyers. A source said “only a small circle of people” will know where Ashley sits on this, although it was reported – correctly – on Monday that there is still work to be done on any deal.

So where does all of this leave us? Well caution is to be advised when there are conflicting reports but by the same token, all hope is not lost. The Premier League has been informed, informally, that something could be in the offing.

The confusion does not help for fans desperate for news, many of whom have pondered quite why the situation is so complicated when other takeovers are completed so quickly.

The reason for that is probably the opaque nature of finance and business in Dubai (there is not the same transparency over personal wealth over there) and Ashley himself, who has proved a difficult seller in the past.

It is also true that Sheikh Khaled bin Zayed Al Nahyan’s profile is not as high as many of the other members of the Royal family and establishing who he is and what kind of finance he has at his disposal is almost a full-time job in itself. While his wealth is nowhere near that of Sheikh Mansour, the Manchester City owner, the Bin Zayed group claim there is money to invest.

And how Newcastle – whose books have been kept in the sort of shape that makes it easy to comply with Financial Fair Play while injecting money into the playing squad – need that.

Through speaking to multiple people, it’s clear that his business group have completed a number of sizeable transactions and that the Sheikh himself has connections in the lucrative, inter-connected MENA business world. He has sat on boards of the the Dubai Economic Council, the Dubai Islamic Bank and the NBD Investment Bank, which oversees some $136billion in assets.

Some fans have worked harder than others though, and information obtained by supporter Jake Lipeles – and posted in a fascinating thread on Reddit – uncovers a businessman with potential to reach out to organisations and individuals of great wealth. Ascertaining his own individual wealth is next to impossible but he seems credible, if hardly one of the region’s big hitters.

The idea behind the investment in the Premier League would be to broker a highly visible, highly prestigious investment which would help improve reputation and access to other markets. Plans for Newcastle aren’t clear but investment is on the agenda.

So what comes next? Completing the transaction has always been the tricky part with Ashley and there is a limited time frame with so much to be done at Newcastle this summer.

Video Loading Video Unavailable Click to play Tap to play The video will start in 8 Cancel Play now

Manager Rafa Benitez, such a crucial part of the club, has only another 32 days under contract while a raft of player sales and purchases are required to keep the club competitive. Given how important Premier League status is, these are huge decisions that must be got right and any new owners would not be afforded much time to put a new management team in place.

There are ten weeks until the transfer window shuts and the Premier League starts and the due diligence process by the top-flight is very thorough and can take several weeks.

The steps that must be taken are as follows:

– Prospective new owners must meet the Premier League Board and providing evidence of sources and sufficiency of funding in place to complete the investment;

- Prospective new owners must provide detailed information on the financial structure of any proposed investment, and a business plan showing that all liabilities can be met for at least the following 12 months

- Prospective new owners and directors have to go through the Owners’ and Directors’ Test (ODT) which is objective and prohibits individuals from owning or being a director of a club if they have certain convictions or professional disqualifications, or if there is a conflict of interest

These rules and processes are followed in all changes of control (or investments of 30% or more) at Premier League clubs. In the case of the ODT, this is applied annually and any new club director (as well as all existing directors) must go through it.

Depending on the structure of any group, it could take up to a month. And when Southampton changed owners it took longer as Premier League financial officers went through a complicated network of investments and parent companies to track the root of the finance and the veracity of the board members.

Newcastle fans have grown used to sagas. Benitez’s contract issue, now certain to drag into June, is just the latest of this austerity Ashley era, but it seems unlikely this will be one because time is of the essence. There has been talk of a Friday update from Bin Zayed and they certainly spoke with confidence when we contacted them.

Soon enough, we will know how seriously to take this.