Newcastle fans rally outside the stadium as new owner is confirmed
Newcastle fans are queueing in their thousands to try and grab a ticket to their club's first match under the new regime. Mike Ashley has finally sold the Magpies after a painful 14 years in charge.
An investment group called the Public Investment Fund (PIF) have assumed control of Newcastle and Yasir Al-Rumayyan will serve as the non-executive chairman.
He 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."
Chief executive officer Amanda Staveley added: "This is a long-term investment. We are excited about the future prospects for Newcastle United.
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"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.
Mike Ashley's 14-year spell in charge of Newcastle has come to an end (Image: GETTY)
"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."