By Russell Edge

8th Nov, 2017 | 1:20pm

Report reveals exciting update on progress of Amanda Staveley's Newcastle takeover

By Russell Edge

Potential future Newcastle United investor Amanda Staveley is in talks to secure the backing of several Middle Eastern investors as she looks to secure a deal to buy the club, according to a report.

The Northern Echo claim on their website that the international financier, who is from the United Kingdom but based in the United Arab Emirates city of Dubai, is looking to build a conglomerate of financial backers from the region to help take over the club from current owner Mike Ashley.

Staveley, who is fronting the approach from PCP Capital Partners, is said to have signed a non-disclosure agreement and is currently conducting a business evaluation during a period of due diligence.

News of Arab investment will come as hugely exciting to supporters of the Magpies, as well as current manager Rafael Benitez, who have seen the club struggle in the transfer market as a result of a lack of investment from Ashley.

Staveley is reportedly looking to replicate the success of current league leaders Manchester City, as she took on the role of adviser during Sheikh Mansour’s takeover, on Tyneside, and investment from a similar source appears possible for Newcastle.

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Her arrival would mark the end of Mike Ashley’s tumultuous 10 years in charge of the Magpies, which has seen him vilified by the Toon Army for several controversial decision during his reign.

In other Newcastle United news, the club are looking to reignite a swoop for a former target after failing with a £20million bid.

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