Turkey's richest man, billionaire biscuits king Murat Ülker, has emerged as a front-runner to buy Newcastle United from owner Mike Ashley, the Evening Standard can reveal.

Ülker is the chairman of Yildiz Holdings, the Turkish-based European food empire which boasts 56,000 staff and owns a host of household brands including McVitie’s, Penguins and Jaffa Cakes. Sources say he is ready to pay around £220 million.

Sports Direct founder Ashley, who has owned Newcastle for a decade, formally put the club up for sale yesterday with hopes of a sale by Christmas. But Ülker and other possible buyers have been tracking the club for months.

Ülker, who is worth some $3.7 billion (£2.8 billion) according to Forbes, will become the first Turkish owner of a top-flight football club if successful.

He faces opposition from financier Amanda Staveley, who was recently pictured at Newcastle and whose PCP Capital Partners controls billions in Middle East wealth. Chinese investors are also reported to have shown interest.

Tom McLoughlin, the Ülker family’s representative in London who has brokered a number of deals involving football clubs, said: “The Ülker family have substantial assets and significant investments already in the UK.

“We understand football and our initial specific target would be to make Newcastle a solid top six club and a permanent feature in Europe with a popular local and worldwide following.”

The Turk is ready to back coach Rafa Benitez with up to £60 million to invest in new players.

Ülker’s team of advisers include accountants PwC and international law firm Charles Russell Speechlys.

His representatives have been talking to Ashley’s advisers since early this year although hurdles included HMRC’s tax raids on Newcastle United and West Ham in April, involving nearly 200 officers in England and France. These prompted another round of haggling over the price. Ashley also briefly considered selling a significant minority stake in the club, which Ülker refused.

The sale will end Ashley’s often-turbulent reign at the club he bought for £134 million in 2007, which has seen two relegations and nine managers over an often chaotic decade. Ülker is also said to be impressed by the infrastructure of Newcastle United, whose 52,000-capacity St James’ Park stadium is the seventh-largest in England.

He will join an international roster of billionaires in the Premier League including Chelsea’s Russian owner Roman Abramovich.

But a Yildiz spokesman denied the story. She said: “The company is not purchasing Newcastle United football club and no discussions about the team have taken place. We wish them the best of luck in finding a new owner. Furthermore, Tom McLoughlin is not working on behalf of, or representing the Ulker family in this or any other matter.”