The paperwork for the proposed takeover, which will see the Public Investment Fund of Saudi Arabia take up an 80% stake alongside Amanda Staveley and the Reuben brothers at 10% each, is now in the hands of the Premier League.
And while supporters sit anxiously, former players and pundits have weighed in with their verdict on the takeover. Scroll and click through the pages:
1. Steve Howey
"Everybody will be celebrating. A lot of fans around the country probably think it's just Newcastle fans complaining again. That's not the case, they just want the team to compete. Every fan from every club wants transparency, they wanted to see money being put into the club and the playing staff and that hasn't been done under Mike Ashley." Photo: Gary M. Prior
2. Graeme Souness
“I think that with the kind of money behind the sovereign brothers and the Reuben brothers they could go out and buy anyone they wanted… I think it will be welcomed by Newcastle supporters.” Photo: Alex Burstow
3. Gary Neville
“If we can get a really strong Newcastle United again where that ground is bouncing then all of us will be happy. One of the great spectacles from my first Premier League appearances is that it was an absolutely amazing place to play football and it has not been like that for a good few years now.” Photo: Michael Regan
4. Neil ‘Razor’ Ruddock
“I’ve said it for years, if Newcastle can find a big-money investor and show some love for the club the fans will flood back. I loved playing there, it was as close as you could get to Anfield as passion goes ... Everyone loves Newcastle” Photo: Jamie McDonald