The Saudi Arabian-backed takeover of Newcastle United has been agreed subject to Premier League approval, according to sources close to the deal.

A formal announcement that Mike Ashley’s unhappy 13-year ownership of Newcastle has finally come to an end could now be imminent.

The prospective new owners are headed by the financier Amanda Staveley but the significant backing will come from Saudi Arabia’s Public Investment Fund which is expected to acquire an 80 per cent stake in the Premier League club.

Staveley’s PCP Capital Partners will take a 10 per cent shareholding with the remaining 10 per cent being bought by the Reuben Brothers, who are one of Britain’s wealthiest families with a property portfolio worth £18 billion. They already own Newcastle racecourse.

It is understood there may have been some renegotiation on the price in the wake of the coronavirus pandemic, which may now be closer to £300 million rather than the £340m that was previously agreed with Ashley.

Telegraph Sport understands that the Premier League is already carrying out its checks on whether the buyers – and their nominees as Newcastle directors – pass its owners and directors test. This can take up to a month, although it is expected to be less, and has been ongoing for at least a week.

As Telegraph Sport revealed last month, the Premier League was told, by both parties, about the bid with papers being formally submitted to begin the sale process.