According to The Athletic, a Saudi Arabia-financed consortium led by Amanda Staveley has bought the club for a fee of around £305 million.
The takeover saga has been dragging on for months and the fans will be delighted that the ordeal has come to an end now.
Ashley has been heavily criticised during his time as the owner of Newcastle United because of his lack of ambition and the fans have wanted him gone for years.
It will be interesting to see if the Saudi owners can help Newcastle reclaim their former glories and get back to the top of English football.
As per reports, Newcastle now have the richest owners in football and the fans will certainly be excited about the new era ahead of them.
The playing squad is in desperate need of investment and Newcastle will need to bring in a top class manager as well.
It is highly likely that the takeover will bring an end to Steve Bruce’s career as the Newcastle manager as well in the near future. Bruce has had a difficult relationship with the Newcastle fans as well and his style of play has been hugely unpopular with the fanbase.
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.”