The proposed £350m takeover of Newcastle United by Dubai-based billionaire Sheikh Khaled is said to be ”moving forward” aid fears that the deal had stalled.

Magpies owner Mike Ashley put the club up for sale almost two years ago and has since had several serious expressions of interest, although each set of talks is thought to have broken down over the price.

Last month, however, it was revealed that terms had been agreed between Ashley and Bin Zayed Group – headed up by Sheikh Khaled – over a £350m deal.

Neither Newcastle nor the Premier League have yet to officially comment, but according to The Sun, the takeover is still progressing with the aim of completion by the end of this month.

The newspaper adds that Bin Zayed Group have provided the necessary proof of funds to the league as part of the fit-and-proper ownership test.

One of the first jobs for the new owners will be to resolve the future of manager Rafael Benitez, who is out of contract in just two weeks’ time.

Source: Sports Mole