Newcastle United receive major takeover boost as Mike Ashley's masterplan is revealed

That’s according to the Evening Standard, who state that the deal is close to being signed-off by Premier League chiefs.

Amanda Staveley, the Reuben Brothers and the Saudi Arabian Public Investment Fund have struck a deal with Mike Ashley to purchase the club.

The deal is currently going through Premier League checks, which have been elongated given the current climate in football and mounting piracy allegations against the Saudi state.

Indeed, reports in The Sun on Tuesday claimed that over half of top flight clubs were against the takeover being signed-off – and that they could attempt to collectively block a deal.

But sister title, the Shields Gazette, has confirmed that doubts over the Premier League takeover tests have been dismissed by sources close to the bid.

The Gazette has learned that the buyers believe the takeover remains firmly on track and put recent delays down to the logistics of the Premier League having to conduct its business at a distance, as well as the fact they have Project Restart, with the many objections and controversies that go with it, on their plate at present.

When asked by the Gazette for comment on the fresh claims, the Premier League maintained their blanket response on this matter, stating: “We (the Premier League) aren’t able to comment on anything around this or give any guidance.”

Meanwhile, retail analysts have already begun to speculate as to how Mike Ashley may reinvest his £300million windfall.

Ashley’s masterplan is thought to be to reinvest the money in existing businesses, rather than look for new avenues.

Speaking to the Evening Standard, CMC Markets analyst David Madden said: “Mike Ashley has a track record of snapping up failing High Street businesses, but given the pain that traditional retailers are enduring on account of the lockdown, I doubt he will be quick to rush out and spend his cash.

“I’d imagine he will use the cash to ensure liquidity for existing operations, and potentially earmark some for expansion.”