The £300million takeover of Newcastle United is now in the hands of the Premier League, Sportsmail understands.
Sources have disclosed to Daily Mail that all the necessary paperwork has been lodged with the competition, and that the potential deal now awaits their approval.
They have added that the process should take around ‘three to four weeks’, meaning that a consortium – backed by Saudi Arabia’s Public Investment Fund – could be in place well before the start of the new season.
And, for the first time, Sportsmail has learnt that Ashley has told friends he believes a takeover is ‘closer than it has ever been’.
So far, there has been no word from Ashley or those close to him as to whether an agreement has been reached over a £300m deal, and that remains the case.
However, we have been told Ashley has indicated to friends that the sale of the club has never been nearer in his 13 years as owner
The deal has been brokered by businesswoman Amanda Staveley, who seeks to take a 10 per cent share along with the Reuben Brothers’ private equity firm and the remaining 80 per cent held by Saudi Arabia.
Newcastle and the Premier League have both declined to comment on the matter.
Meanwhile, sources close to Newcastle believe there is no chance of Ashley reversing his decision to claim from the government fund after furloughing the majority of non-playing staff.
This newspaper has spoken to some of those involved who say they have heard nothing to suggest a change of situation.
The club are not commenting and were unable to confirm if a discussion over the matter had even taken place. Ashley is currently in Florida with his family, where he has been since before the coronavirus lockdown.
Meet The Hidden Buyer
He is the man whom Newcastle fans hope can finally turn their club from a sleeping giant into a top-level contender.
But who exactly is Mohammed Bin Salman?
And can he transform Newcastle with his proposed £300million takeover?
Bin Salman is the Crown Prince of Saudi Arabia and in that role he governs over the Public Investment Fund of Saudi Arabia, the group that intends to take an 80 per cent stake in Newcastle as part of the ambitious takeover.
If the takeover does go through and Bin Salman does obtain a majority share, he will become the fourth wealthiest owner in the Premier League.
He boasts a personal worth estimated at £7billion.
That is some way behind Manchester City owner Sheikh Mansour (net worth £17bn) and marginally less than Chelsea owner Roman Abramovich (£9.2bn) and Arsenal owner Stan Kroenke (£8bn).
But there is a hidden golden pot somewhere.
But while his own net worth is valued at around £7bn, the overall worth of the PIF group is said to be in the region of £260bn, with the Saudi ruling family among the wealthiest groups on the planet.
And while Newcastle fans must grapple with the prospect of the ruler of the most intolerant nations in the world taking over their club, for many it will be a price worth paying to be shot of controversial owner Mike Ashley.
Bin Salman, 34, fulfils a number of political roles within his country and currently counts Deputy Prime Minister and Minister of Defence among his titles.
In June 2017 his father, King Salman, appointed his son Crown Prince, making him next in line to the Saudi throne and the country’s day-to-day ruler.
The success of Abu Dhabi, in enhancing its global image through the vehicle of its ownership of Manchester City, is said to have persuaded Bin Salman to do the same through Newcastle, having failed with a bid to buy out the Glazers at Manchester United.
He is said to see the worlds of sports and entertainment as ways to change global perceptions of Saudi Arabia, which has an appalling record on human rights and continues to oppress women.
His expected takeover of Newcastle is another stage in the global re-branding of Saudi Arabia.
Whether it can also bring the club’s fiercely loyal fanbase the success it has craved for so long, remains to be seen.