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.
“The fans are loyal, they love their football club and their life is Newcastle United.”
“It all depends on whether Newcastle win on a Saturday.”
“They work hard all week to spend their money on the club, so I understand why there is so much happiness in the city today and I feel exactly the same.”
“Our fans also need to know that they matter, because they haven’t for 14 years, so today is special for them.”
Shearer, who scored 206 goals during 10 years at St James’ Park as a player, helped the club to several top-four finishes.
They qualified for the Champions League on three occasions between 1996 and 2003.