Newcastle Set to Reveal New Chairman as Mike Ashley Lowers Club's Asking Price

Mike Ashley's spell as Newcastle owner appears to be drawing to a close with Yasir Al-Rumayyan set to be confirmed as the club's new chairman. 

Ashley lowered his valuation of the club by over 10% amid the coronavirus pandemic, which sparked the flurry of activity on Tyneside that has been reported over the last few days.

Al-Rumayyan, who is Saudi Arabia's Governor of the Public Investment Fund, will become the new chairman at St James' Park.

The ​Daily Mail report that Ashley's original valuation of £340m dropped down to £300m as he was keen to push through the sale. 

The takeover is in the later stages of protocol as the ​Premier League complete their mandatory checks. The deal is set to be done in cash, which goes against initial reports of a debt-laden agreement.

The Premier League received a bold and lavish 350-page proposal that included an exciting plan to put money back into the city. The proposal included a plan to revamp St James' Park, bring top line talent to the football club and set up a dynamic academy that creates a sustainable model.

Crown Prince Muhammed bin-Salman is the driving force behind the takeover bid but it remains to be seen if he will take a public role on the ​Newcastle board. 

​A big concern over the new prospective owners includes Saudi Arabia's human rights record. It has been deemed by multiple non-partisan organisations, including ​Amnesty, to be systematically oppressing its peoples.

If the takeover does indeed go through, it would bring to a close Ashley's 13-year reign. His time on Tyneside has not been a popular one with fans or critics, overseeing a period that saw two relegations, two promotions and plenty of protests regarding the club's management.

Fans were angered by his refusal to back Rafa Benitez in the transfer market, leading to the Spaniard's departure last summer. Following Steve Bruce's appointment, he then broke the bank to sign Joelinton for £40m - he's since scored one Premier League goal.