Newcastle United have announced that Saudi Arabia Public Investment Fund have completed a deal for the club.
The consortium, led by Crown Prince Mohammed bin Salman, have been trying to buy the club from Mike Ashley for over a year.
The deal has now been completed after the group settled its piracy dispute with Premier League broadcast partner beIN Sports and gave assurances over who will control the club.
In a statement on Newcastle's website, his Excellency Yasir Al-Rumayyan, Governor of PIF, 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."
The Toon are now by far the wealthiest club in world football.
The Daily Mail have listed the 10 clubs with the richest owners in the world and Newcastle are well out in front. View them below...
10. Guo Guangchang - Wolves (£5.2bn)
9. Zhang Jindong - Inter Milan (£6.2bn)
8. Stan Kroenke - Arsenal (£6.8bn)
7. Philip Anschutz - LA Galaxy (£8.1bn)
6. Roman Abramovich - Chelsea (£10.5bn)
5. Andrea Agnelli - Juventus (£14bn)
4. Dietrich Mateschitz - RB Leipzig and RB Salzburg (£15.7bn)
3. Sheikh Mansour - Manchester City (£21bn)
2. Qatar Investment Authority - PSG (£220bn)
1. Saudi Arabia Public Investment Fund - £320bn
Newcastle are going to be a real problem going forward.
With Ashley at the helm, Newcastle didn't have the money needed to challenge the best teams in the Premier League.
He was desperately unpopular with the club's fans, who will be ecstatic to see him finally sell the club.
Newcastle now have unlimited money and will be able to spend whatever they want on players.
It seems only a matter of time until they are one of the best teams in England once again.News Now - Sport News