Newcastle takeover is still going ahead as Bin Zayed Group confirm they have provided proof of funding for £350m deal
BIN ZAYED GROUP have told SunSport they have already provided proof of funding for their £350million takeover of Newcastle United.
And the Dubai-based company – fronted up by multi-billionaire Sheikh Khaled – want to reassure Toon fans their purchase is going ahead.
We first broke the story on Sunday night that Ashley had agreed to sell the club to Sheikh Khaled for £350m and that the signed heads of terms had been forwarded to the Premier League.
The Bin Zayed Group confirmed our story the following day.
Reports elsewhere have cast doubt on the takeover – but this afternoon the group says everything is going forward in the due process.
The Bin Zayed Group said: “In consideration of the numerous speculations in regards to the timelines of the acquisition of Newcastle United Football Club by Bin Zayed Group, we feel the need to issue this statement.
“Terms have been agreed between us and Mike Ashley; these terms have been reflected in a document, signed by both parties, which has been forwarded to the Premier League.
“The proof of funds statement was forwarded to Mike Ashley’s lawyers on April 17, 2019.
“The so called fit-and-proper Premier League process is a standard procedure which will take time, and we are doing all we can to assist the Premier League during this process.
“We feel the need to clarify this point in order for the fans and the general public to understand the timelines.”
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The group want to keep Rafa Benitez as manager and will provide him with much-needed funds to strengthen his squad this summer.
It is hoped they can complete the takeover before his contract expires at the end of June.
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.