“The proof of funds statement was forwarded to Mike Ashley’s lawyers on April 17 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.”

The proposed takeover from billionaire Sheikh Khaled had reportedly hit a stumbling block when reports surfaced that the Dubai-based billionaire had been unable to provide proof of funds to the Premier League to satisfy their ownership checks, but Wednesday’s statement should serve as sufficient hope to Newcastle’s fanbase as a dream takeover moves further towards the realms of reality.

This follows Monday’s announcement that the group had “agreed terms” to buy out Ashley, alongside the attempts to “complete the transaction at the earliest opportunity”.

If the rumoured £350m deal materialises, it will represent a sizeable mark up for Ashley. Whilst the Sports Direct business magnate’s tenure on Tyneside has been marred with controversy, the £134.4m shelled out in 2007 represents a shrewd investment and a considerable profit.

Newcastle’s fanbase will be hoping the deal materialises prior to June 30th, the expiration of manager Rafa Benitez’s contract, with an impasse having been reached regarding assurances of funds for player transfer in the 2019 summer window.