Alan Shearer says the Saudi Arabian-backed £305m takeover of Newcastle is a "special day" for the club's long-suffering supporters.
The Magpies have struggled to challenge near the top of the Premier League since 2004, apart from a fifth-place finish in 2011-12.
The takeover ends Mike Ashley's 14-year spell as Newcastle owner in which time they have twice been relegated.
"All we've done is tick along and survive for 14 years," Shearer said.
"We've had no real ambition, we've survived, cup competitions have been non-existent and this city and this football club and our fans deserve better.