Newcastle United manager Steve Bruce is set to be handed £200million to spend on players and club improvements as their prospective new Saudi owners looks to relaunch the side as Champions League contenders.

Saudi Arabian Public Investment Fund (PIF) is looking to take over the Magpies from Mike Ashley in a £300million transaction.

Detailed financial plans have been submitted to the Premier League which the expected new chiefs hope to get approval for, which reportedly includes the huge initial £200m figure that will be injected into the club to improve the squad and revamping the club facilities, according to The Mirror.

The investment is the first in a series of three-yearly injections in their 350-page dossier, as well as new commercial sponsorships and plans for the day-to-day management of the club as they look to ambitiously return the Geordies to the Champions League.

The money will also go into revamp of the club’s training ground, academy and internal workings to make it capable of generating more income.

The proposed takeover has sparked the suggestions that Bruce, whose appointment by Ashley was unpopular last summer after Rafa Benitez left the club, could be fearing for his job but the plans submitted to the league would suggest otherwise.

The club will be part-owned by the PIF, financier Amanda Staveley and property tycoons David and Simon Reuben. PIF will own 80 per cent, with Staveley and the Reuben brothers both taking 10 per cent.

There is much excitement at the long-awaited takeover from Newcastle fans after years of under-performing since Ashley bought the club in 2007.

Lack of financial backing from the Sports Direct founder has been a key reason for Newcastle’s period of struggle, which has included two relegations from the top flight, forcing previous popular manager Benitez to leave the club last summer.

Many have expressed concerns over the imminent takeover though due to the questionable human rights record in Saudi Arabia.

New chairman Al-Rumayyan will have to pass the league’s fit and proper person’s test before taking charge.