SoftBank Group  (SFTBY) won approval from the board of WeWork to take control of the office space rental operator, according to multiple news reports, as WeWork chose SoftBank's rescue package over a competing offer from JPMorgan Chase (JPM) - Get Report

WeWork reportedly was in danger of running out of cash before the end of the year, necessitating a bailout from SoftBank. The deal is expected to value WeWork at about $8 billion, a far cry from its previous valuation earlier this year of more than $45 billion. 

SoftBank will purchase nearly $1 billion of privately traded We stock from co-founder and former CEO Adam Neumann, who will also receive a $500 million credit line to help him repay a loan facility of the same amount led by JPMorgan. Neumann also will receive a $185 million consulting fee, according to the Journal. 

Neumann, who is still chairman of We Co., is expected to step down after receiving his payment package. 

Neumann's payment is part of a reported $3 billion investment from SoftBank.

WeWork has flamed out quickly since the company abandoned its initial public offering that was planned for the fall. Scrutiny of the company's IPO filing led to questions about the company's valuation and Neumann's management style. 

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