Shearer says he understands the sudden joy around St James’ Park after Mike Ahsley’s 14-year ownership of the Magpies came to an end when Saudi Arabia’s Public Investment Fund (PIF) paid a mammoth £305 million.
Despite being one of the most popular teams in England, Newcastle have barely been successful especially since the turn of this century.
With the new era being ushered in, Shearer believes it is now the right time for the fans to dream as they will have the financial power to compete with some of the top teams in England and Europe.
“I tweeted maybe a couple of hours ago when the deal was done we can dare to hope again,” he told the BBC.
“That's exactly what it is because all we've done is tick along and survive for 14 years. We've had no real ambition other than to survive, cup competitions have just been non-existent for Newcastle United.
“This city, this football club and particularly our fans deserve better because they're so loyal, they love their football club and their life is Newcastle United.
“It all depends on whether Newcastle United win on a Saturday, that means fans will have a good week. They work hard all week and spend their money to have a good time, and having a good time is spending money on Newcastle United.
“I understand totally why there is so much happiness in the city today and I'm exactly the same.”
