After so many false dawns and collapsed takeover talks, Newcastle could finally have a new owner by the time the Premier League resumes.
The end of Mike Ashley's reign would likely be welcomed by fans, if not by human rights activists.
Documents posted to the British company registry show financier Amanda Staveley has entered into a form of loan agreement with Ashley that can facilitate a deal.
It is the clearest signal of an imminent takeover at Newcastle since Ashley, a controversial businessman who owns the Sports Direct chain of retail stores, first put the northeast club up for sale in 2008.
This 300 million-pound takeover proposal is reported to be largely funded by Saudi Arabia's Public Investment Fund, a sovereign wealth fund that is overseen by the country's Crown Prince Mohammed bin Salman.
For Amnesty International, a Saudi purchase of Newcastle would be another case of "sportswashing" by a nation eager to shift the focus from its government's abuses. Staveley also brokered the 2008 Abu Dhabi takeover of Manchester City, transforming a club with little history of success into the Premier League's most dominant team over the last decade fueled by the emirate's wealth.
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"Saudi Arabia (is) attempting to use the glamour and prestige of Premier League football as a PR tool to distract from the country's abysmal human rights record," said Felix Jakens, who heads campaigns for Amnesty International in Britain.
The Public Investment Fund did not respond to messages seeking comment. Amnesty has urged the Premier League to subject the takeover to significant scrutiny.
"All businesses need to safeguard against any possible complicity in human rights violations," Jakens said, "and football is no different."
"Hopefully that will end soon. This team is for lovers, not for just merchandisers."
Ashley bought the club in 2007 but is widely viewed as a figure of scorn in the one-club city whose St. James' Park stadium is affectionately dubbed "the cathedral on the hill."
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