The block on such transactions was imposed in October and backed by 18 top-flight clubs following the Saudi-led takeover of Newcastle United.

A working group of club executives, which included Magpies director Amanda Staveley, was set up to look at ‘associated party transaction regulations’ and those rules have been agreed at a shareholders’ meeting on 14th December.

The league will consider evidence from the club and an independent agency with expertise in the field of market valuation. The board will take advice from an independent assessor, listen to the club’s own assessment and also look at an anonymised data bank of similar deals before making a judgement.

Newcastle and Manchester City were the only two clubs in the league to vote against the proposal, the report says.

Clubs had been operating under a temporary ban on commercial partnerships that was extended on 26th November to allow the working group to finalise its proposals.

Staveley spoke about the impact of the temporary ban last month.

“This moratorium was so difficult for us. We’ve really taken a big battering. And so I’m hoping that we’ll get this lifted as quickly as possible,” she said.

“The moratorium was a shock. We did not expect that to happen. How could you imagine that all commercial deals would be off?”

The club took down Sports Direct signage from around St James’ Park last week, a hangover from the regime of previous owner Mike Ashley.