According to reports from the Daily Mail, the Saudi-funded consortium are close to buying Newcastle United in the next few weeks.

The report claims that the potential new owners – spearheaded by financier Amanda Staveley and also involving the Reuben brothers, Simon and David, backed by the mega-rich Saudi Arabian Public Investment Fund and Crown Prince Mohammed Bin Salman – are likely to buy the club for £300m.

Mike Ashley has agreed to drop the asking price by £40m due to the Coronavirus pandemic.

If the deal goes through, the Saudi sovereign wealth fund will become the new majority owners at St James’ Park, holding 80 per cent of the club.

Another 10 per cent will be owned by financier Amanda Staveley and property tycoons David and Simon Reuben.

Yasir Al-Rumayyan will become Newcastle’s new chairman if the deal is completed.

Newcastle United fans will be thrilled with the news that the new owners are looking to pump £200m into recruitment and infrastructure.

Simon Bird of the Mirror has added that around £200m will be available to be spent on building the foundations of the club over the next few years, while the potential owners will spend more going forward.

The £200m investment will include new signings, revamp of the club’s training ground, academy and internal workings.