The process of due-diligence has been completed and Magnusson and his backers will submit a formal offer for 75% of the company's shares. This offer of around £100 million looks set to be accepted by current Chairman Terence Brown who stands to make around £23 million personally from the sale of the club.
Magnusson will install himself as Chairman, keep Alan Pardew on as manager and also looks set to make available transfer funds for January.