The former England and Middlesbrough manager has been ordered to re-establish the side into a top eight outfit and challenge for trophies.
Steve flew into Tyneside from his holiday in Crete to succeed John Carver, on a task to restore the club from top to bottom. His initial three year deal could be extended to eight years.
He will be given big money backing from the club which made a £19 million profit last season and in addition has £34 million cash in the bank waiting to be invested in players.
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