Sheikh Khaled representatives confirm he has 'agreed terms' to buy Newcastle United from Mike Ashley and is 'working hard' to complete deal Representatives of Sheikh Khaled say they have agreed terms to buy Newcastle Sportsmail revealed claims on Sunday that a £350million takeover was close Sheikh Khaled is the cousin of Manchester City owner Sheikh Mansour The statement adds that terms have been agreed with current owner Mike Ashley and that they are 'working hard to complete the transaction' By Press Association Sports Staff and Peter Rutzler For Mailonline Published: 17:51 BST, 27 May 2019 | Updated: 18:13 BST, 27 May 2019 2 Viewcomments Representatives of billionaire Sheikh Khaled Bin Zayed Al Nahyan have confirmed they have 'agreed terms' with Newcastle owner Mike Ashley and are working to complete a deal for the club. The closest working associate to Sheik Khaled, who is an Emirati member of the family who govern Abu Dhabi, claimed to Sportsmail on Sunday night that a deal had been 'concluded' with current Newcastle owner Mike Ashley. And a statement released on Monday from the Bin Zayed Group, of which Sheikh Khaled is chairman, confirms that terms have been agreed. Sheik Khaled's representatives say he has agreed terms with Mike Ashley to buy Newcastle Newcastle owner Mike Ashley has tried and failed to sell the club in the recent past 'We can confirm that 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,' the statement reads. Who is Sheikh Khaled bin Zayed Al Nehayan? Sheikh Khaled bin Zayed Al Nehayan is a member of the ruling family of Abu Dhabi and a half-brother to Manchester City owner Sheik Mansour. He has a PhD from King's College London from the Department of War Studies and a PhD in finance from Michigan State University. He set up his business, the Bin Zayed Group, in 1988. Although his exact wealth is unclear, he is believed to be a billionaire and has interests in the construction, energy and real estate sectors among others. '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.' The confirmation came after a day of frenzied speculation on Tyneside after Sportsmail's report that the Dubai-based businessman, the cousin of Manchester City owner Sheikh Mansour, was close to sealing a £350million takeover at St James' Park. Newcastle declined to comment, but sources on Tyneside indicated there was an interest, although still ground to be covered before a deal could be finalised. Current owner Mike Ashley, who bought the club for £134.4million in 2007, has put it up for sale on three occasions since, the last time in October 2017. Previous bids to take it off his hands led by Amanda Staveley and Peter Kenyon failed to come to fruition. Dubai-based businessman Sheikh Khaled is the cousin of Man City owner Sheikh Mansour (R) Share or comment on this article: All rights reserved for this news site dailymail and under his responsibility