The Bin Zayed Group have now released the following statement exclusively.
It reads: "In response to numerous reports in the world media this morning, we would like to comment as follows.
"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.
"Best Regards, Midhat Kidwai, Group Managing Director, Bin Zayed Group."
