THE consortium led by Saudi Arabia's Public Investment Fund have officially completed their takeover of Newcastle United putting an end to Mike Ashley's 14 year stay as owner. 

All parties have been working around the clock yesterday and today to get the deal over the line. The consortium have acquired 100% of Newcastle United Limited from St James Holdings Limited with Ashley releasing the finds and shares earlier today. 

The takeover has officially been green lit by the Premier League in a statement which read: "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.

"The legal disputes concerned which entities would own and/or have the ability to control the club following the takeover. All parties have agreed the settlement is necessary to end the long uncertainty for fans over the club’s ownership.

"The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.

"All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans."

The takeover, which includes businesswoman Amanda Staveley, are ushering in a new era and the takeover completes a historic day for the club. 

The potential takeover has been a long drawn out affair and fans celebrated the news outside the club's home ground St James' Park. 

News began to circulate of an impending takeover yesterday when Saudi Arabia indicated it would lift its ban on broadcaster beIN SPORTS.

The broadcaster is also understood to have been approached by Saudi Arabia to settle its one billion dollar (almost £736million) arbitration case.

The consortium withdrew after the Premier League identified the Saudi stake as a director with control over the club, which would have made it subject to the league’s owners’ and directors’ test as part of the takeover process.

However, following a lifting of the ban, the takeover has accelerated overnight with the Saudi PIF taking a majority stake in the club. 

The takeover brings an end to Mike Ashley's 14 year stay as the owner of Newcastle in what has transpired to be a toxic and turbulent reign at the club with fans overwhelmingly happy to see a new ownership take over. In that time, the Magpies have suffered two relegations from the Premier League and are currently on a seven games winless run.