Alan Shearer claims Newcastle "can dare to hope again" after the Saudi-backed takeover of the club was completed.
The club's record goalscorer spent 10 years at St James' Park after a record breaking transfer in 1996.
Shearer, himself born in Newcastle, is a lifelong fan of the Magpies and spent a brief stint as caretaker manager.
Discontent in and around the club has been rife for much of Mike Ashley's 14-year ownership.
The Sports Direct supremo has presided over two relegations and faced heavy criticism for a lack of investment.
Now his days are over after a £305m deal was struck with Crown prince Mohammed bin Salman purchasing 80 per cent of the club via the Public Investment Fund.
Shearer tweeted: "Yesssssssss. We can dare to hope again".
That is a sentiment that will be shared by many of the club's fans with supporters gathering outside St James' Park to rejoice in what is a landmark day.
Amanda Staveley has been a key figure since a proposed takeover was first discussed well over a year ago.
She has purchased a 10 per cent share in the club and will have a seat on the board.
The Reuben Brothers have bought the final 10 per cent.
The Premier League lawyers worked through the night to get the deal passed and it was signed off this morning with the cash deposited to complete the takeover.
Newcastle find themselves languishing in the relegation zone, winless in their opening seven Premier League games.
Steve Bruce's future is now very much in doubt with the new owners poised to ring the changes as they attempt to keep the club afloat.
The club have released a statement saying: "The Investment Group is comprised of long-term, patient investors who have every confidence in the future success of the Club.
"Today’s announcement is the conclusion of a thorough and detailed process that has allowed the Investment Group to arrive at a deal that benefits all stakeholders and will leave Newcastle United well-placed to pursue a clear, long-term strategy."
They also added: "For PIF, one of the world’s most impactful investors, the acquisition is in line with its strategy of focusing on key sectors including Sports and Entertainment, and aligns with PIF’s mission to actively invest over the long term – in this case, to harness the Club’s potential and build upon the Club’s legacy."
