The Magpies are now under a new management with fans now hoping for a better future.

Premier League top-flight club, Newcastle United are under new ownership, after a Saudi Arabian consortium completed a £300 million ($408m) deal to acquire the club.

This deal ends the 14-year reign of former owner Mike Ashley’s as the owner of the club.

Plots to overtake Mike Ashley’s as the owner of the club has been ongoing for some time, with proposals speculated down the years after a disgruntled fan base seeked for new investment.

After all these years, the Magpies are now finally under a new management with claims that the club could become one of the heavyweights in the Premier League in years to come.

With the acquisition of the club by Saudi Arabian investors, there is a guarantee of big-money signings and managerial tweaks, which could bring success in coming years.

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The Premier League has released an official statement confirming the takeover which reads: “The Premier League, Newcastle United Football Club and St James Holdings Limited have today settled the dispute over the takeover of the club by the consortium of PIF, PCP Capital Partners and RB Sports & Media.

“Following the completion of the Premier League’s Owners’ and Directors’ Test, the club has been sold to the consortium with immediate effect.”

It is confirmed that the Saudi Arabia’s Public Investment Fund (PIF) have acquired 80% of the controlling stakes at the club. That made the ownership of Mike Ashey come to an end.

Already, there are rumours of a change of manager and other aspects of the club.

Current manager, Steve Bruce could step-down with rumours of the club already approaching Antonio Conte and Frank Lampard as potential replacements.

What ever happens, what is certain is that Newcastle United could be a top club in years to come with lack of funding no longer a issue.

This is what fans of the club have asked for a long time and they are certainly going to get that.

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