Newcastle United is 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.

Reports began to circulate on Sunday that Newcastle – owned by English businessman Mike Ashley – was on the brink of a change of ownership.

Although Ashley has been in charge since 2007, he has been widely unpopular for most of that time, with the ill-feeling stemming from his treatment of former manager Kevin Keegan amid his exit in 2008.

Throughout Ashley's reign supporters have been frustrated by a perceived lack of spending and the club has been linked with several potential sales in the last decade.

It appears the fans will finally get their wish of Ashley's exit, as The Bin Zayed Group believes it is close to completing a deal to buy the club.

A statement released to The Chronicle and attributed to "Midhat Kidwai, Group Managing Director, Bin Zayed Group" read: "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 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."

Sheikh Khaled is a cousin of Manchester City owner Sheikh Mansour Bin Zayed Al Nahyan.

Newcastle is yet to make a public statement on the takeover reports.