Alan Shearer delivers seven-word reaction to Newcastle United takeover news

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Newcastle United legend Alan Shearer has reacted to the news that the £300million takeover of the Tyneside club has been completed.

The Magpies have officially been taken over by a Saudi-led consortium, bringing Mike Ashley’s 14-year ownership of the club to an end.

The consortium consists of Saudi Arabia’s Public Investment Fund (PIF), financier Amanda Staveley and David and Simon Reuben, according to the Premier League.

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

All requisite approvals have been obtained from the Premier League and the acquisition was completed on Thursday, Newcastle said in a statement.

The Premier League also confirmed the takeover in a statement on Thursday.

They said they had received “legally binding assurances” that the Kingdom of Saudi Arabia will not control Newcastle.

Toon fans have had to endure over a decade of mediocre football, relegation battles and even the odd spell in the Championship.

But now, many Newcastle supporters will be echoing Shearer’s sentiments on Twitter:

The move came after Saudi Arabia resolved an issue with BeIN Sports regarding piracy and broadcasting, which had lasted four-and-a-half years.