The 60-year-old leaves after more than two years in charge of leading the team to 13th and 12th place in the league.
His position had been scrutinized even before the club took office, with fans frustrated by an unexpected start to the new season, with the team currently second in the Premier League having not won any party.
“I am grateful to everyone connected with Newcastle United for the opportunity to lead this unique football club,” Bruce said in a statement on Wednesday.
“I would like to thank my technical team, the players and the support staff in particular for their hard work. There have been highs and lows, but they have given it their all even in difficult times and they should be. proud of their efforts.
“It’s a club with incredible support and I hope the new owners can take it wherever we want it to be. I wish everyone the best of luck for the rest of this season and beyond.”
The club said it was in the process of recruiting a new coach and would not comment further at this time.
Graeme Jones will take part in the team’s game against Crystal Palace on Saturday.
There has been much controversy over PIF’s involvement in the acquisition, but it appears the consortium was able to successfully demonstrate that Saudi Arabia would not have control of the club and could therefore pass the test of owners and managers of PIF. the Premier League.
The wealthy new owners promise a new beginning for the club – after years of discontent with previous owner Mike Ashley – with fans keen on future investment in both the staff and management staff.
PIF is a sovereign wealth fund chaired by Saudi Crown Prince Mohammed bin Salman.
His involvement in the takeover of Newcastle has been a long-running saga in English football, during which Saudi Arabia’s human rights record, including the assassination of journalist Jamal Khashoggi, has been the subject of scrutiny.
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