Sela operates in dozens of countries and has organized sporting events such as the Race of Champions.

The deal, if successful, could be announced as soon as next month.

Sela was founded in 1995 and has extensive links to the Saudi men's national team, which caused a huge upset by beating Argentina at the World Cup in Qatar.

However, the deal could still fall apart.

Newcastle's takeover by the Gulf state's Public Investment Fund drew protests from other top-flight clubs due to Saudi's enormous financial firepower.

The latest rulebook provides for scrutiny of commercial transactions with associated parties to prevent clubs gaining an unfair financial advantage.