There's so many games from that season I want to find the full match of but they just don't seem to be anywhere. Heck, can't even find good highlights of more than just the goals anymore
https://www.chroniclelive.co.uk/sport/football/football-news/newcastle-united-appoint-new-spanish-14414266
Doesn't seem like someone planning to leave soon.
Oh, if it's a new club that's technically the same club, I believe it's up to the players. It was for rangers at least, they could walk away from their contracts for nothing or keep them.
Contracts will be ripped up. A new club would be so far down the pyramid they'd likely not be able to support any of their current professional contracts, and that includes U23's.