THE sale of Newcastle United to Sheikh Khaled Bin Zayed Al Nahyan is close to completion with "terms agreed", SunSport can reveal.

Midhat Kidwai, Managing Director of the Bin Zayed Group, has revealed that Mike Ashley and the Group are "working hard to complete the transaction at the earliest opportunity".

2 SunSport can reveal terms have been 'agreed' on Sheikh Khaled Bin Zayed Al Nahyan's takeover of Newcastle United

SunSport broke the news that the Sheikh, a relative of Man City owner Sheikh Mansour, was in talks over a £350million deal to buy the club on Sunday night.

The Bin Zayed Group have now released a statement saying: "We can confirm the representatives of his Highness Sheikh Khaled Bin Zayed Al Nahyan are in discussions with Mike Ashley and his team about the proposed acquisition of Newcastle United Football Club.

"We view it as an honour to have the opportunity to build on the strong support, history and tradition of the club.

"We have agreed terms and are working hard to complete the transaction at the earliest opportunity.

"Best Regards, Midhat Kidwai, Group Managing Director, Bin Zayed Group."

2 SunSport have been given a statement from the Bin Zayed Group that confirms a deal with Mike Ashley will be completed 'at the earliest opportunity' Credit: PA:Press Association

SunSport reported on Sunday night that contracts have been signed and submitted to the Premier League between Ashley and the Dubai-based billionaire.

Sheikh Khaled is a senior member of the Abu Dhabi royal family and last year failed in a £2billion takeover of Liverpool.

Newcastle had been subject to previous but unsuccessful takeover attempts from the likes of Amanda Staveley and Peter Kenyon.

But Ashley has now decided to end his 12 years in control on Tyneside.

One of the Sheikh’s first jobs will be to tie down manager Rafa Benitez to a new contract.

He is ready to provide funds to bolster a limited squad that has done well to stay in the Premier League after years of under-investment under Ashley.

Ashley first put the club up for sale in 2008 after Kevin Keegan walked away after a bust-up about transfers – which was the first of three times he tried to get rid of the club.

Newcastle will be expected to sign some big names this summer if Sheikh Khaled completes his £350million takeover

Who is Sheikh Khaled? SHEIKH Khaled bin Zayed Al Nehayan is an Emirati member of the family who govern Abu Dhabi. How’s he made his money? HE established the Bin Zayed Group in 1988 and is among the most successful entrepreneurs in the Gulf states. Does he have any football connection? THE Sheikh attempted a record £2billion takeover of Liverpool in August 2018. He is also the cousin of Manchester City owner Sheikh Mansour — although not quite as rich.

And the Newcastle owner missed the chance to potentially sell to Sheikh Mansour after refusing to meet him in 2008 before he took over at Manchester City.

It appears Ashley is not allowing lightning to strike twice now with his cousin’s group.

Shaikh Khaled, 61, is president of the UAE Sailing and Rowing Federation but has always had a keen interest in football and loves the Premier League.

He is founder of the Bin Zayed Group - a leading group of businesses with diverse interests in the local and international markets.

The Bin Zayed Group’s key activities cover diverse business fields: construction and energy, trading and industry, real estate, technology and financial services.

Newcastle fans are desperate for success – having not won a major trophy since the Fairs Cup in 1969.

Ashley has had a toxic relationship with the fans – and angered them not just with his lack of funds for new signings but renaming St James’ Park, the Sports Direct Stadium, after his sportswear company.