The £300 million Saudi Arabian deal to buy Newcastle United from Mike Ashley is done and is now simply subject to Premier League approval.

Sources close to the deal have told The Times that a deposit has been paid and all the relevant paperwork has been signed. “There is no backing out for either side now,” one source said.

Premier League officials still have to review all the documents and that process could take three weeks.

Saudi Arabia’s Public Investment Fund (PIF) will acquire an 80 per cent stake, with Amanda Staveley’s PCP Capital Partners taking 10 per cent and the Reuben brothers the other 10 per cent.

The Reuben brothers, Simon and David, are said to be millionaire property developers.

Staveley is expected to