SoftBank has won approval from WeWork’s board to take control of the troubled co-working startup, in a deal that would hand co-founder Adam Neumann nearly $1.7bn and sever most of his ties with the company.

WeWork, in danger of running out of cash in the coming weeks, chose a rescue offer from SoftBank over a competing proposal from JPMorgan, according to people familiar with the matter. It had asked both parties to submit proposals by a deadline yesterday.