According to The Telegraph, the Public Investment Fund of Saudi Arabia are moving closer to completing a £340 million takeover of Newcastle United, with the Premier League carrying out its checks under its owners and directors test.

A 31-page document filed at Companies House shows that the deal is progressing, with Amanda Staveley’s PCP Capital Group and Mike Ashley’s St James’ Holdings company both involved.

A formal announcement of the takeover is expected to be made once the checks are over, and Newcastle fans will hope it doesn’t fall through this time around given several disappointments in the past.

The Daily Mail’s Craig Hope and The Telegraph’s Jason Burt both appear confident Ashley’s ownership of the Magpies is coming to an end pretty soon, reacting thus on Twitter.

I think we are pretty much there, subject to Premier League approval.. https://t.co/lwKtZoiMlf

— Jason Burt (@JBurtTelegraph) April 14, 2020

Sources on one side of #NUFCTakeover say a £300m deal has been agreed with no debt to Mike Ashley (earlier documents caused confusion). They say a formal announcement is due. No comment from NUFC. We've been here before, of course, but some sources are insisting this is done.

— Craig Hope (@CraigHope_DM) April 14, 2020

Public Investment Fund is owned by Crown Prince Mohammed bin Salman who is worth £1 trillion according to The Sun.

While the takeover will relieve Ashley of control over the day-to-day running of the club, he will still retain money in the club that would be paid back in the future, as St James Holdings is agreeing to loan at least £150 million to Staveley’s company, with the current owner still helping to fund a deal.

The businesswoman is leading the takeover, but PIF will own 80% of the club, with 10% owned by Staveley’s PCP Capital, while the Reuben brothers will own the other 10%.