According to media reports, a group led by British businesswoman Amanda Stephen and backed by Saudi parties is approaching a possible acquisition of English football club Newcastle United.
The reports added that the parties concerned reached a draft agreement, although they did not mention the Saudi Public Investment Fund, which was linked by previous speculation of the possibility of acquiring a majority stake if the deal was concluded.
Reports stated that the group would acquire 80% of the club if the deal was successful.
British billionaire Mike Ashley has owned Newcastle United since 2007.
Sky Sports reported that the asking price had fallen to about 300 million pounds (378.33 million dollars) from 340 million pounds previously.
This may be due to the repercussions of the pandemic Corona virus, which caused the cessation of sports activity around the world.
Newcastle is one of three Premier League clubs that have given compulsory leave to employees.
There was no comment from Newcastle on these reports, and the Newcastle Chronicle said Ashley was currently in Miami.
Businesswoman Stefley was not immediately available for comment.
The Sky Network reported that Saudi parties will own 80% of the shares, compared to 10% for Stefley, who will play a prominent role in the management of the club.
The brothers David and Simon Robin own the remaining 10%.