Newcastle owner, Mike Ashley, says the club is for sale and is hoping the deal will pull through by Christmas.
The businessman is wiling to accept a staggering fee for the club after he announced the decision on Monday.
“To give the club the best possible opportunity of securing the positioning and investment necessary to take it to the next level, at what is an important time in its history, its present ownership has determined that it is in the best interests of Newcastle United and its fans for the club to be put up for sale,” a statement from his company, St James’ Holdings, read.
Recall that the 53-year-old had paid £134 million for the Magpies in 2007, but his tenure has not been harmonious, including two relegations from the Premier League.
In addition, the statement noted that: “As one of the Premier League’s oldest and best supported football clubs – and for the benefit of its many fans and supporters in the UK and across the world – Newcastle United requires a clear direction and a path to a bright and successful future.”