A Saudi-Arabian backed consortium completed its purchase of Premier League club Newcastle United as a long-running takeover saga finally reached the conclusion the majority of the club's supporters desired.

The deal comes 14 months after Saudi Arabia's Public Investment Fund (PIF) withdrew a £305m bid to buy the club from owner Mike Ashley following the Premier League's failure to give regulatory approval.

The Premier League confirmed the struggling club had been sold to a consortium consisting of PIF, PCP Capital Partners and RB Sports & Media with immediate effect.

A statement from Yasir Al-Rumayyan, governor of PIF who will become non-executive chairman of Newcastle United, said the deal would mean long-term investment to "harness the club's potential and build upon the club's legacy.

"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," he said.

The takeover, fronted by PCP Capital Partners' chief executive Amanda Staveley, ends an unhappy era at St James' Park and means Newcastle will be one of the world's richest clubs.

Staveley will have a seat on Newcastle's board of directors along with Jamie Reuben of RB Sports & Media.

"This is a long-term investment," Staveley said in a statement. "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."

A rapid sequence of events reignited the deal after Qatar-based broadcaster beIN Sports, a Premier League rights holder, said on Wednesday that Saudi Arabia would lift a ban on it and also shut down illegal streaming services, removing a major obstacle behind the collapsed takeover.

Another stumbling block was overcome after the Premier League, who came under pressure to block the deal last year, received "legally binding" assurances that there was clear separation between PIF and the kingdom of Saudi Arabia, despite PIF being chaired by the Saudi Crown Prince Mohammed bin Salman.

"All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans," the Premier League said.

The fate of Newcastle coach Steve Bruce will be high on the agenda of the new owners, who are keen to invest in the club.

PIF - Saudi Arabia's $430 billion sovereign wealth fund - is at the centre of plans to transform the economy by creating new sectors and diversifying revenues away from oil.

The country has increasingly sought high-profile sports assets, including signing a 10-year deal to stage F1 and hosting Anthony Joshua's heavyweight title fight in 2019.

Having a club with Newcastle's potential in its locker is a major scoop for the oil-rich nation.

But Amnesty UK chief executive, Sacha Deshmukh said the Saudi authorities were "sportwashing their appalling human rights record with the glamour of top-flight football.

"Instead of allowing those implicated in serious human rights violations to walk into English football simply because they have deep pockets, we've urged the Premier League to change their owners' and directors' test to address human rights issues," he added.

Saudi Arabia's government denies allegations of human rights abuses and says it is protecting national security from extremists and external actors.

Newcastle become the 14th current Premier League club to have majority foreign owners and fans hope it heralds a new era like that at Manchester City who have dominated English football since being bought by Abu Dhabi's Sheikh Mansour in 2008.

French club Paris St-Germain have also made an impact under Qatari ownership with a host of mega-money signings.

Newcastle's takeover ends the 14-year ownership of Ashley whose stewardship has been deeply unpopular, with the supporters accusing him of under-investment and lack of ambition.

Mike Ashley

Since Ashley bought the sleeping giants, who last won a domestic trophy in 1955 and have not been top-flight champions since 1927, they have twice been relegated from the Premier League and have not finished higher than 10th since 2012.

Another relegation battle is looming with the team failing to win any of their opening seven league games and currently sitting second from bottom of the table and fans have been calling for Ashley and manager Bruce to leave the club.

Ashley rejected bigger Newcastle bid before Saudi-led takeover

Outgoing Newcastle United owner Mike Ashley said he had rejected a higher bid than the one that led to the Premier League club being taken over by a Saudi Arabia-led group, but believed he had acted in the best interests of the club.

Ashley, the owner of sportswear chain Sports Direct alongside other businesses, had long ceased to be a fan favourite over what most saw as a lack of investment.

"I would like it to be known that I received a higher offer for the club than the one that I accepted. It was from another reputable bidder who made a credible case," Ashley told the Sun newspaper.

"But I felt the bid that we accepted from the current new owners would deliver the best for Newcastle United. Money wasn't my only consideration. There were times when I stepped in financially to keep Newcastle United afloat," he said.

"We ensured the wage bills were paid when we went down in order that we could bounce straight back up. Nobody was happier than me when we achieved immediate promotion," he added.

Ashley said he was not in the same "financial league" as the consortium, and selling had been the best option.

"It's hard to compete at the highest level in football with certain clubs that have almost unlimited resources," he said. "I've known for some time now that many Newcastle fans were frustrated by the situation and were in favour of a change.

"I therefore felt that I owed it to the fans to fight tooth and nail over the last 18 months or so to make this happen," he added.