Newcastle United have finally sacked manager Steve Bruce in the aftermath of becoming one of the richest football clubs in the world.

A statement from the Magpies on Wednesday confirmed his departure, with the club claiming the decision had been made by “mutual consent” – despite Bruce previously remarking his desire to stay at the club under their new owners, the Saudi government’s Public Investment Fund.

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

“He leaves the Magpies after more than two years in charge, having steered the club to 13th and 12th-place finishes in the Premier League and reaching the quarter-final stage in both the Emirates FA Cup and Carabao Cup during his tenure.

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

Graeme Jones will lead the team on an interim basis, starting with Saturday’s trip to Crystal Palace.