Mike Ashley’s controversial 13-year ownership of Newcastle could soon be over. A sale to a consortium fronted by the Yorkshire-born financier Amanda Staveley has been broadly agreed and documents lodged at Companies House last week provide concrete proof that advanced negotiations are well under way.

The paperwork suggests the proposed £310m deal involves Ashley apparently loaning Staveley’s company PCP Capital Partners £150m in an attempt to get an agreement over the line. It is understood that in reality Staveley is taking on a £110m interest-free loan the retail tycoon had made to Newcastle but the club will be purchased outright.

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This complicated transaction is reflected in Companies House papers which create a legal scaffolding enabling the ownership handover to proceed through a transfer of shares.

Three years ago Newcastle’s owner called Staveley “a time waster” after the collapse of an attempt to purchase the club but the new documents confirm she and Ashley have agreed a £13m deposit.

Staveley, who divides her time between Dubai and London, has been backed by the UK-based Reuben Brothers, run by Simon and David Reuben, whose property empire includes extensive interests in Newcastle such as the city’s racecourse, and Saudi Arabia’s Public Investment Fund. The latter is one of the world’s wealthiest sovereign wealth funds and the original plan involved PIF assuming an 80% stake in the club, Reuben Brothers 10% and PCP Capital the remainder.

Puzzlingly, and perhaps significantly, the Saudi investment is not mentioned in the Companies House documents made public on Tuesday, although Reuben Brothers’ involvement is detailed. However it is understood PIF, whose role is likely to be the subject of not merely Premier League but government interest amid sports–washing and human rights concerns, remains part of the consortium. It is believed PIF intends to help fund urban regeneration on Tyneside.

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Ashley bought Newcastle for £133m in 2007 but his willingness to transfer his subsequent £110m loan to Staveley to facilitate a sale was confirmed in a “registration of a charge” at Companies House. A charge is the security a company gives for a loan.

Newcastle’s owner has long been known for driving the hardest of bargains but the coronavirus crisis has been extremely bad news for his retail empire and he now seems keen to offload Newcastle. The club declined to comment on the latest developments.

The Premier League has received the necessary paperwork from both parties and is understood to be initiating the mandatory owners and directors test. The sale is contingent on both the governing body’s blessing and the finalising of the deal’s small print.

Given the logistical difficulties imposed by the current lockdown the Premier League test process could take up to a month to complete. When, and if a satisfactory conclusion is reached – and providing Ashley does not change his mind – then Yasir al-Ramayyan, the governor of PIF, is expected to become Newcastle chairman. There could also be a seat on the board for Jamie Reuben, the 32-year-old son of David Reuben, although he would first need to resign his current directorship of QPR.