A proposed £340m takeover of Newcastle United could be completed within months, according to a report.

The Magpies have been officially up for sale since October 2017, but a number of proposed takeover bids have fallen through in that time with controversial owner Mike Ashley still at the helm.

A Saudi Arabian consortium is the latest believed to interested in buying the club, and The Telegraph reports that they could push the deal through before the summer.

The proposed bid is thought to be worth £340m and would see the Public Investment Fund own 80% of the club, with 10% belonging to Amanda Staveley's PCP Capital and the final 10% acquired by Newcastle racecourse owners Reuben Brothers.

The Premier League have reportedly been made aware of the bid in order for them to begin their checks to ensure that the funding is available.

However, the shutdown of football due to the coronavirus pandemic and the knock-on effect on finances could have an impact on the takeover, or at least cause a delay to the deal going through.

Ashley bought Newcastle for £134m in 2007 and has seen the club relegated from the Premier League twice during that time.