The cousin of Manchester City owner and Arab billionaire Sheikh Mansour bin Zayed Al Nahyan has reportedly secured a takeover of a Premier League club in his second attempt.
Newcastle United are seemingly close to being purchased by Sheikh Khaled Bin Zayed Al Nahyan after the Sheikh's investment company issued a statement to announce terms have been agreed - just a year after an unsuccessful £2bn (R37bn) takeover attempt of Liverpool.
On Sunday, reports surface in English press that Mike Ashley was close to relinquishing his ownership of the club he acquired in 2007 for a reported £134.4m (R2.4bn) in 2007.
Under his guidance the Magpies were relegated twice to the Championship and the club's supporters have been vocal of their displeasure during his tenure.
"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," Midhat Kidwai, Group Managing Director of the Bin Zayed Group told The Chronicle.
"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."
It's been reported by The Guardian that the deal will be worth around £350m (R6.5bn)