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:
9. Iain Dowie
“Until you are actually in there (St James’), the atmosphere on a matchday is something very, very special. It is a huge club and one I think can compete at the very top level. They have the ability to take that club to where it should be and that is at the very top echelons.” Photo: Ian MacNicol
10. Alex Bruce
“Listen, whether Ashley sells it and whether it’s the right person who comes and buys it, we’ll have to wait and see, but until that moment when it’s confirmed and it’s in black and white, done and dusted… I think that’s the only time you can really talk about it.” Photo: GLYN KIRK
11. Sam Allardyce
"At the moment they're going to be a Premier League side next season. I think Steve, in his first season, has done a very, very good job considering he came in two weeks before the season started." Photo: BEN STANSALL
12. Jamie Carragher
"It will (ethical issues) get a lot of attention in the press and maybe will be criticism at certain times. I think for most Newcastle supporters they just want someone who will invest in their club and get it to be great again.” Photo: Michael Regan