Former Manchester United and Chelsea chief executive Peter Kenyon is working on a deal to buy Newcastle United from Mike Ashley, according to reports.
Ashley has owned Newcastle for 10 years and although in recent months he has expressed his intention to selling, there have been a number of obstacles putting a deal off - most notably potential buyers baulking at his £400m price tag for the club. Most famously, a proposed agreement with Amanda Staveley (a financier for PCP Capital Partners) fell through earlier this year.
However according to Sky News, Kenyon has begun approaching a number of potential financial backers who would collaborate on a deal which would see them take over the club, and has already held preliminary talks with Ashley about a deal which would see him take a senior role in the running of the club.
The deal is dependant on whether or not Kenyon can generate enough interest from his potential backers. However, he's already began his search by reportedly approaching a number of individuals with a high net worth, private equity firms, and family offices to name a few.
Kenyon himself is a respected figure in the world of football having previously undertaken a chief executive role at Manchester United in 2000 before moving to Chelsea in 2003 where he spent six years in the same role.
He was present in some of the most successful periods in both club's history and was seen as a vital part to their successes. Time will soon tell whether or not he can secure a deal and if so, how he can help the Magpies.