Newcastle United fans flood social media to celebrate news that £300m Saudi takeover is BACK ON

Newcastle United fans descended onto social media to celebrate the expected £300million Saudi takeover of the club following the Gulf state's crucial settlement over piracy issues.

Those close to the process have indicated that the removal of all forms of piracy in Saudi Arabia and the lifting of a ban on Qatar-based beIN Sports being shown in the country should now pave the way for the deal, which was abandoned last year, to be signed off.

Fans, who have come to adopt #cans for whenever there is good news for supporters, were quick to celebrate what has been viewed as a major step towards an ownership change.

'Bring back the entertainers. Bring back European nights. BRING BACK MY NEWCASTLE UNITED. #nufc #nufctakeover,' one excited fan wrote.

'WE'VE DONE IT!!! WE'VE F***ING DONE IT!!!' another exclaimed, followed by a series of money bag emojis to reflect the incoming cash injection the proposed owners are expected to provide.

One supporter likened the revival of the takeover like the 'love of your life' coming back.

The fan wrote: 'I'm ready for it all. This takeover feels like the love of your life keep walking out, and coming back promising to change. Yessssssss.'

Memes quickly became popular with one fan choosing the 'It's Happening' scene from the US Office.

Another Newcastle fan used an image from the hit Netflix series 'Squid Game' to reflect the anguish of Sunderland fans upon hearing news of the Saudi deal for Newcastle being back on.

The popular #cans was being used with such frequency that it trended as No 1 on Twitter in the UK soon after the news broke.

The proposed takeover is being led by Saudi's Public Investment Fund and includes Amanda Staveley and the Reuben brothers.

Newcastle owner Mike Ashley opened arbitration proceedings against the Premier League earlier this year and that case was set to be heard in January.

However, sources say there is potentially no need for that to take place after news of the piracy issues being settled.

Following the update, a source told Sportsmail: 'If all of this had been done 18 months ago, the takeover would have been signed off.

'The Premier League could not approve a takeover whereby one of its member clubs would be owned by a state it believed to be guilty of piracy against the League and one of its broadcast partners.

'That was why the buyers had to prove separation from the Saudi state. But that was almost impossible, especially given the revelations about Mohammed bin Salman texting Boris Johnson and pressurising him to influence the deal.

'Now, though, with the issue of piracy resolved, it is unlikely that arbitration is needed. There is no rule which says a state cannot be connected to the ownership of a football club.

'Piracy was, and always has been, the biggest obstacle to this takeover. There is now very little reason for the Premier League to stop the deal going through.'