"The Premier League, Newcastle United Football Club and St James' Holding Limited have today resolved the dispute over the takeover of the club by the consortium PIF, PCP Capital Partners and RB Sports & Media," the Premier League said in a statement.
The English Football League announces that the sale to the Saudi consortium will take place with "immediate effect"
The deal is said to cost 300 million pounds, equivalent to over 3.5 billion kronor, writes Sky Sports.
Hardly criticized
The deal takes place despite strong protests from Amnesty International.
The human rights organization believes that the deal is a typical example of "sportswashing" and wants to see rule changes in the Premier League.
Amnesty writes in a statement that it wants the Premier League to weigh human rights issues in the rules about who can own the football league's clubs.
"Ever since we started talking about this deal, we have said that it is a clear attempt by the Saudi authorities to 'sportswasha' the country's frightening human rights record with the glamor of top football," it writes.
"Sportswashing" is a term that refers to how strict regimes use sporting events and clubs to manipulate the perception of the country and at the same time shift the focus from inadequate human rights.
Led by murder-accused Crown Prince
Central to the debate is the Saudi Crown Prize Mohammed bin Salman, who is chairman of PIF.
He has been named by the US intelligence agency, CIA, as responsible for the murder of Saudi, critical of the regime journalist Jamal Khashoggi at the Saudi consulate in Turkish Istanbul in 2018.
According to Expressen, the Saudi investment fund is valued at 320 billion pounds, which would make it the football world's by far richest owner.
However, the controversial affair is not only met with criticism.
Newcastle club legend Alan Shearer rejoices over the news.
Jaaaaaaaaa.
We can dare to dream again ", writes the former star striker on Twitter.
Newcastle have been owned by Mike Ashley since 2007 and under his ownership the club have gone out and returned to the Premier League twice.
Apart from a fifth place in the 2011/12 season, they have mostly been in the lower half of the table in the highest series.