Toon have sold out every game this season as the team looks to qualify for the Champions League.
And as well as achieving on-field success, the owners have been keen to grow the club off the pitch.
Central to that plan is expanding the capacity of St. James’ Park, which holds 52,300 fans.
The property was sold by Mike Ashley for £9million four years ago.
Co-owner Mehrdad Ghodoussi led negotiations and the property, which is situated behind the Gallowgate End, is now under the Magpies’ control.
It is believed that initial plans involve turning the space into a fan zone.
But it could later become part of development plans which will see the stadium’s size increased.
The Newcastle board are also planning to invest in the city centre
The owners also made the stadium refurbishment one of their main priorities after taking over.
There are also plans to upgrade the training facilities.