Thursday marks the start of a new era for Newcastle Football Club. Saudi Arabin financial group Public Investment Fund have bought the Magpies for a reported £300 million, ending a 14-year spell of Mike Ashley's ownership at St. James Park. Just take a look at the net worth of their new owners:

Newcastle becomes the richest club in the world and you better believe they will be buying some top-notch players in the coming years to bring this side back to relevancy in England. In, they're ten times more wealthy than Man City. Wild. The Premier League also confirmed the move with a statement:

 “The Premier League, Newcastle United Football Club and St James Holdings Limited have today settled the dispute over the takeover of the club by the consortium of PIF, PCP Capital Partners and RB Sports & Media.”

“Following the completion of the Premier League's Owners' and Directors' Test, Newcastle has been sold to the consortium with immediate effect.”

Magpies fans were seen outside of St. James absolutely buzzing over the news that their team is now under new ownership which has the ability to bring in the best talent around:

https://twitter.com/sportbible/status/1446143511171145738

Newcastle supporters wanted Ashley out for quite some time due to the club's poor results in past years. The Saudi Arabian group was in talks to purchase the Magpies in 2020, but the deal didn't come to fruition until now.

As it took time for Manchester City to turn into a powerhouse after they were also bought by Middle-Eastern billioniare Sheikh Mansour, it will be the same case for Newcastle. But, the Magpies, hopefully, will be a top-four club in England's top flight not too far down the road.