NEWCASTLE United have ushered in a new era after the consortium led by the Saudi Arabia Public Investment Fund completed it's takeover of the club today.

Jubilant fans gathered outside St James' Park today as Mike Ashley relinquished control of the club and handed over funds and shares to the new ownership group. 

They have acquired 100% of Newcastle United Limited from St James Holdings Limited and the takeover was officialy sanctioned by the Premier League earlier today. 

New non-executive chairman his excellency, Yasir Al-Rumayyan, said he's looking forward to developing a relationship with the fans. 

Yasir Al-Rumayyan, Governor of PIF, said: "We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football.

"We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them."

Amanda Staveley, Chief Executive Officer of PCP Capital Partners, said: "This is a long-term investment. We are excited about the future prospects for Newcastle United.

"We intend to instill a united philosophy across the Club, establish a clear purpose, and help provide leadership that will allow Newcastle United to go on to big achievements over the long term.

"Our ambition is aligned with the fans – to create a consistently successful team that’s regularly competing for major trophies and generates pride across the globe."

Jamie Reuben of RB Sports & Media, said: "We look forward to a great future for Newcastle United. Newcastle is a fantastic city, which is why our family has been investing heavily in the area for many years. To become part of this great Club and its amazing fans is a privilege.

"We will build a true community Club, based upon our family’s knowledge of the city and in line with our plans that have been worked on closely with Newcastle City Council to deliver long-term sustainable growth for the area."