The Bin Zayed Group, the investment group which hopes to buy Newcastle United, claims to have provided proof of funds for the sale. The group agreed terms with current owner Mike Ashley on Monday.
The deal is reported to be worth £350m.
The Bin Zayed Group is representing UAE billionaire Sheikh Khaled bin Zayed Al Nahyan in the talks. In order to buy the football club, Sheikh Khaled must go through the Premier League’s fit-and-proper-person test.
Sheikh Khaled, the cousin of Manchester City owner Sheikh Mansour, made a failed £2bn takeover bid for Liverpool in 2018.
The Bin Zayed Group discussed the next steps in a statement: “The proof-of-funds statement was forwarded to Mike Ashley’s lawyers on 17 April 2019.
“The so-called fit-and-proper Premier League process is a standard procedure which will take time, and we are doing all we can to assist the Premier League during this process.
“We feel the need to clarify this point in order for the fans and the general public to understand the timelines.”
Sports Direct owner Mike Ashley bought Newcastle United for £134.4m in 2007. He put the club up for sale in October 2017.