Premier League club Newcastle United appears to be on the verge of being sold to Dubai based billionaire Sheikh Zayed Al Nehayan after his representative confirmed that he had "agreed to terms" set by current owner Mike Ashley.

If the statement is correct, it would end Ashley's 12-years in charge of the club in which the London based businessman has become increasingly unpopular with fans at the club based in the northeast of England.

Midhad Kidwai, the managing director of the Bin Zayed Group has published a statement which reads: "In response to numerous reports in the world media this morning, we would like to comment as follows. 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 have agreed terms and are working hard to complete the transaction at the earliest opportunity. We view it as an honor to have the opportunity to build on the strong support, history and tradition of the club," the statement continued.

The price for the club is thought to be around 350 million pounds (around 450 million US dollars).

Sheikh Khaled Bin Zayed Al Nahyan is a member of the Emirati family, who rule Abu Dhabi and a half-brother of Sheik Mansour, who owns Premier League champions Manchester City. Enditem

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