Newcastle United have confirmed the departure of Steve Bruce by mutual consent, just a week after new owners took over the club.

Mike Ashley’s 14-year reign at the northeast club ended when the Saudi Public Investment Fund (PIF) completed their £305million takeover.

Bruce took charge of 97 games as Newcastle manager

It was a deal that was 18 months in the making and happened swiftly last week, much to the delight of fans as they celebrated outside St James’ Park.

The new owners are worth an estimated £320billion and they will want a new manager at the helm to take them forward.

Bruce was relieved of his duties on Wednesday, with the Geordie coach agreeing to leave his boyhood club after a turbulent two-year spell in charge.

Recent reports have claimed he will get a payout of £8m.

Steve Bruce has left Newcastle United after two years in charge

Amanda Staveley led the Saudi-based group behind the takeover

“Newcastle United can confirm that Steve Bruce has left his position as head coach by mutual consent,” read a club statement posted on Wednesday morning.

“Newcastle United would like to place on record its gratitude to Steve for his contribution and wish him well for the future.”

The club also confirmed assistant Graeme Jones will step up as interim manager, starting with Saturday’s Premier League trip to Crystal Palace, and have started the process of recruiting a new manager with an appointment to be announced in due course.

Former Roma manager Paulo Fonseca has emerged as the new bookmakers’ favorite for the job, with Lucien Favre and Eddie Howe also in the running, with claims the ex-Bournemouth coach has already held talks with the new owners.

Howe has been without a job since leaving Bournemouth by mutual consent at the end of the 2019/20 season

Howe has been without a job since leaving Bournemouth by mutual consent at the end of the 2019/20 season

It’s been a bumpy ride for Bruce, who was tipped to leave St James’ Park ever since the takeover was announced, despite overseeing his 1000th game as a manager at the weekend against Tottenham.

In his parting message, the 60-year-old thanked the club for the opportunity to manage his boyhood side and wished the Toon and their army well for the future under their new wealthy ownership.

“I am grateful to everyone connected with Newcastle United for the opportunity to manage this unique football club,” said the departed boss.

“I would like to thank my coaching team, the players, and the support staff in particular for all their hard work. There have been highs and lows, but they have given everything even in difficult moments and should be proud of their efforts.

“This is a club with incredible support, and I hope the new owners can take it forward to where we all want it to be. I wish everyone the very best of luck for the rest of this season and beyond.”

Source: Talk Sport