Contracts have been signed and submitted to the Premier League between Ashley and Dubai-based billionaire Sheikh Khaled bin Zayed Al Nehayan.
Sheikh is a senior member of the Abu Dhabi Royal Family and last year failed in a £2billion takeover of Liverpool.
Newcastle has been here before with takeover bids offered from Peter Kenyon and Amanda Staveley.
This, however, looks like a done deal with Mike Ashley looking to cut his ties after 12 years at the Toon.
Sheikh will be looking to invest heavily in the squad and also keep current manager Rafa Benitez who has done a fantastic job with little money from Ashley.
Who is Sheikh Khaled?
SHEIKH Khaled bin Zayed Al Nehayan is an Emirati member of the family who governs Abu Dhabi.
How’s he made his money?
HE established the Bin Zayed Group in 1988 and is among the most successful entrepreneurs in the Gulf states.
Does he have any football connection?
THE Sheikh attempted a record £2billion takeover of Liverpool in August 2018. He is also the cousin of Manchester City owner Sheikh Mansour — although not quite as rich.
Shaikh Khaled, 61, is president of the UAE Sailing and Rowing Federation but has always had a keen interest in football and loves the Premier League.
He is founder of the Bin Zayed Group – a leading group of businesses with diverse interests in the local and international markets.