Newcastle United takeover completed as Saudi Arabian-led consortium buy Premier League outfit in a £305m deal from Mike Ashley

Newcastle United’s takeover is completed. Five words the majority of their supporters have been desperate to hear for some time.

On Thursday the Magpies announced they were under new ownership following the completion of a £305million takeover from a Saudi Arabian-led takeover.

The Premier League confirmed the takeover in a statement, saying it had received ‘legally binding assurances’ that the Kingdom of Saudi Arabia will not control Newcastle United.

Instead the Public Investment Fund (PIF), which will provide 80 per cent of funds for the deal, is seen as separate to the state.

This is despite the Crown Prince of Saudi Arabia, Mohammed bin Salman, being listed as chair of PIF.

Thursday’s announcement ends Mike Ashley’s 14-year ownership of the club – to the delight of their fanbase who were seen celebrating wildly outside St. James’ Park as a result.

Newcastle are now one of the richest clubs in the world with PIF’s assets totalling £250bn.

Amanda Staveley: ‘Newcastle deserves to be top’

‘Newcastle United deserves to be top of the Premier League. We want to get there. It will take time, but we will get there,’ Amanda Staveley, the chief executive of PCP Capital Partners who is now a director on the Newcastle board, told Sky Sports News.

‘We’re proud to be part of the Premier League. It’s an incredibly competitive league, which we love. Premier League football is the best in the world, and Newcastle United is the best team in the world.

‘We want to see it get those trophies, obviously. At top of the Premier League, in Europe, but to get trophies means patience, investment, time. We want everybody to work with us to build the club towards what it needs to be.’

Newcastle’s new owners will be able to see their side in action on October 17 when they host Tottenham.

It is unclear if Steve Bruce will be in charge of his boyhood club though with pressure growing on the under-fire manager.