Newcastle United's majority owners, the Saudi Arabian Public Investment Fund (PIF), are reportedly nearing a $1billion (around £818m) acquisition of a minority stake in sport streaming platform DAZN.

Saudi Arabia's sovereign wealth fund completed a £305m takeover of the Magpies in October 2021 after receiving "legally binding assurances" that the Saudi state would not control the club. PIF, which provided 80 per cent of funds for the deal, was seen as separate from the state.

The sale went through after the deal passed the Premier League owners' and directors' test, bringing an end to Mike Ashley's 14-year spell as Newcastle owner. Since the takeover, the Magpies have qualified for the Champions League and reached the League Cup final in 2023, losing 2-0 to Manchester United.

READ MORE: Premier League release statement as Newcastle United learn PSR outcome

READ MORE: Jose Mourinho makes Newcastle United request as Lloyd Kelly 'right price' transfer stance emerges

Newcastle had a less successful campaign last term, finishing seventh and missing out on Europe altogether. But Eddie Howe's side are in fine form this season and go into Wednesday's clash against Wolves on the back of eight consecutive wins across all competitions.

And the business media outlet CityAm report that PIF could use a potential deal with Dazn deal in association with Newcastle and the LIV Golf League, which it also owns. The broadcaster revealed in January last year that losses still neared $1bn for 2023 and the year prior

Dazn have broadcast the Saudi Arabia Six Kings Slam, the Women’s Champions League, and the NFL matches through the Game Pass International platform in recent years. They have also been heavily involved in professional boxing.

A spokesperson for PIF said in October via CityAm: "PIF is not currently engaged in discussions with Dazn on this matter and has no current plans to invest in the company."