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:
13. Jamie Redknapp
"With Newcastle having new owners, and it feels wrong to say it, but they might be able to exploit an opportunity, and they might, with the money they’ve got, they have a great opportunity. It’s a really nice time for Newcastle fans, because they’ve had a lot of pain in the last few years” Photo: Naomi Baker
14. Michael Chopra
“Every Newcastle fan will be celebrating once he does sell the club… If it fails this time, a lot of fans would really turn their back on the football club. For Mike Ashley to say he has agreed to sell the club for it then to fall away, I think the fans would really turn on him.” Photo: Stu Forster
15. Ryan Taylor
“When a new owner comes in who isn’t scared to get his cheque book out - there is only one thing the club will then go on and do and that’s challenge. New owners aren’t going to come in and think: ‘we’ll finish 10th this year’”. Photo: Michael Regan
16. Jermaine Jenas
“If this wealthy consortium is coming in, they are going to spend. They are not going to be bit-part players. They are seeing Everton making moves, Wolves making moves, and thinking we want to be part of that.” Photo: Joe Maher