Newcastle fans have flocked to St James' Park in their hundreds to celebrate the announcement of their £300million Saudi Arabian takeover.
The Magpies confirmed on Thursday evening that the Premier League have agreed for Mike Ashley to sell his shares to a consortium led by Saudi Crown Prince Mohammed Bin Salman.
Bin Salman's Saudi Arabian Public Investment Fund have taken an 80 per cent stake in the club, while businesswoman Amanda Staveley and property tycoons David and Simon Reuben have secured 10 per cent each.
Yasir Al-Rumayyan, the current governor of the PIF, is expected to become the new chairman at St James' Park.
Newcastle will now have the richest owners in the Premier League, with the PIF's collective net worth of £320billion dwarfing that of other top-flight chiefs.
And after hearing the news on Thursday, hundreds of Toon fans headed to St James' Park with flares to celebrate the end of Ashley's reign and the start of a much more lucrative one.
Do you think the Saudi Arabian consortium should have been allowed to buy Newcastle? Let us know in the comments section below.
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Magpies supporters have been desperate for Ashley to depart the club for a number of years, meaning the Saudi takeover comes as a major relief.
It has come somewhat out of the blue, nevertheless, given the Premier League refused to sanction the deal last year after claiming they were unable to pass the Owners' & Directors' Test.
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English top-flight officials couldn't determine whether the Saudi Public Investment Fund (PIF) and the KSA (Kingdom of Saudi Arabia) were two separate entities, but that issue has now been put to bed.
Piracy was also believed to be a stumbling block in the takeover bid, as Saudi Arabia block beIN Sports – a Qatari company – from broadcasting in the Kingdom.
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The Arab state's human rights record was another concern, with Premier League chief executive Richard Masters insisting he would "fully consider" it in 2020.
However, the Premier League and Newcastle have confirmed the club is now officially under new ownership, marking the start of a new chapter at St James' Park.
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