Newcastle owner and billionaire entrepreneur Mike Ashley recently announced that he plans to sell the club, with a view to complete a deal by Christmas.
After ten years at the helm in Tyneside, the Sports Direct owner has often been viewed as a controversial figure, with many Newcastle fans growing frustrated with the lack of investment in transfer windows, as well as a lack of trust in managers which means stability has often been an issue.
In a statement on the club's website, the intentions of the club and its owners are clear.
"As one of the Premier League's oldest and best supported football clubs - and for the benefit of its many fans and supporters in the UK and across the world - Newcastle United requires a clear direction and a path to a bright and successful future.
"To give the club the best possible opportunity of securing the positioning and investment necessary to take it to the next level, at what is an important time in its history, its present ownership has determined that it is in the best interests of Newcastle United and its fans for the club to be put up for sale.
"To give an incoming owner the maximum possible flexibility to make meaningful investment in the club, including in its playing squad, the sale process will give interested parties the opportunity of deferring substantial payments.
"A process will now commence of identifying new ownership for the club that will be capable of delivering the sustained investment in and dedication to the club that is necessary for it to achieve its ambitions."
Along with many fans of the Magpies, former Newcastle hero and all time top scorer Alan Shearer has expressed his delight on twitter after hearing the news.
Shearer has often publicly criticised Ashley, most recently after Rafa Benitez failed to receive funds in the summer transfer window that were supposedly promised by the Newcastle owner. This almost saw the Spaniard leave the club before the start of the season.