Arsenal hero Paul Merson insists Newcastle are not guaranteed success despite their big-money takeover.

Indeed, Merson says they need at least 17 new players.

The £300m takeover of Newcastle United has officially been completed, with a Saudi-led consortium ending Mike Ashley's 14-year ownership of the club.

Newcastle's new owners are expected to replace Steve Bruce as head coach, but no decision has yet been made on when this might happen.

Merson told Sky Sports: "I think people are getting carried away. People are thinking: 'This is a Jack Walker situation at Blackburn.' Absolutely no chance.

"I don't want to be a party-pooper, but one: Everyone has money now, and two: Newcastle need 17 players! It's not like they have a good core of a team already which they can top up with a couple of world-class players. They need everything."