Newcastle confirmed the departure of manager Steve Bruce on Wednesday morning.
Following the takeover, Bruce was generally expected to be fired by the new owners last week.
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The Saudi-led consortium, on the other hand, opted to let him finish his 1,000th career game as a manager.
On Sunday, Newcastle was defeated 3-2 by Tottenham Hotspur, further putting them in danger of relegation.
As he leaves his boyhood club, Bruce is poised to receive £8 million in compensation.
“#NUFC can confirm that Steve Bruce has resigned his role as head coach by mutual consent,” the club said in a statement shared on social media on Wednesday morning.
The club would like to place on record its gratitude to Steve for his contribution and wishes him well for the future.”