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1-min read

Mike Ashley to Sell Newcastle United to Arab Billionaire For $445 Million

Mike Ashley is reportedly dealing with Sheikh Khaled, the cousin of Manchester City owner Sheikh Mansour bin Zayed Al Nahyan.

Reuters

Updated:May 27, 2019, 1:41 PM IST
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Mike Ashley to Sell Newcastle United to Arab Billionaire For $445 Million
Mike Ashley bought a controlling stake in Newcastle United in 2007. (Photo Credit: Reuters)
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Mike Ashley has agreed to sell Newcastle United to Abu Dhabi's billionaire Sheikh Khaled bin Zayed Al Nehayan for 350 million pounds ($445.24 million), the Sun reported late on Sunday.

The contracts between Ashley and Sheikh Khaled have been signed and submitted to the Premier League, according to the report.

Ashley, who bought a controlling stake in the Premier League club in 2007, has in the past tried to sell the club.

Ashley, who owns British sportswear retailer Sports Direct International Plc said last October that he had not received any acceptable offers for Newcastle, a year after he officially put the club up for sale, but told Sky News in December that talks on a deal had made promising progress.

Any potential buyer of the club must be able to provide transfer funds, he had said at the time.

Sheikh Khaled, the cousin of Manchester City owner and Arab billionaire Sheikh Mansour bin Zayed Al Nahyan, previously failed in his bid to buy Liverpool Football Club for 2 billion pounds last year, the Daily Mail has previously reported.

Sheikh Khaled is also the founder of Bin Zayed Group, a leading conglomerate with diverse business interests in the local and international markets.

Newcastle United, the Premier League and the Bin Zayed Group did not immediately respond to Reuters' requests for comments.

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