Pardew (right) seems impressed by his new chairman Magnusson

Pardew says the takeover saga, which is now finally over, was partly to blame for their poor start to the season, including an early Uefa Cup exit.

"We had a brief taste but drew Palermo, the best team in Italy," said Pardew.

"There's no reason we can't try and achieve it this year with a great cup run or strong league finish."

I am absolutely sure the club is being passed into good hands Terence Brown

Magnusson has been keen to give Pardew his backing and says the club's production line of homegrown talent remains a high prority.

And this is music to the ears of Pardew after such a torrid start to the season, including a run of eight straight defeats.

"The base we are building on is a good base," he said.

"Perhaps we lost our way at the start of this season due to the indecision but it is nothing we can't put right very quickly.

"We are all looking forward to this new challenge. I am excited."

Outgoing chairman Terence Brown said he was hugely impressed by the man who would be replacing him in the hot seat, and said it was a great deal for the club.

"We always promised when the right type of investor came along, who could take the club in the right direction, we would talk to them and see of there was a deal to be done," he told WHUTV.

"I think we have found the right people and I think it will be great for the club.