Amanda Staveley, PIF governor Yasir Al-Rumayyan and Jamie Reuben react as Newcastle United takeover confirmed

The club has been taken over by Saudi Arabia’s Public Investment Fund (PIF), financier Staveley and investors David and Simon Reuben.

PIF have taken an 80% stake in the club after the Premier League finally approved a deal which had originally been agreed early last year.

The move came after Saudi Arabia ended a ban on Qatari broadcaster beIN Sports, the rights-holder for the Middle East North Africa region.

Staveley, chief executive officer of PCP Capital Partners, said: “This is a long-term investment. We are excited about the future prospects for Newcastle United.

"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.”

PIF governor Yasir Al-Rumayyan 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.”

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.

"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.”

A statement from the consortium added: “The directors of the investment group thank Mike Ashley for his commitment to the sale process. We would also like to thank the Premier League for its contribution in the regulatory process, which has helped lead to completion of this deal.”