Newcastle off the market as Ashley vows to invest £20m

Published on Wednesday 28 October 2009 21:04

NEWCASTLE United owner Mike Ashley has pledged to invest £20million back into the club after he took the Coca-Cola Championship outfit off the market.

In a move to bring some much-needed stability to the St James' Park side, Ashley also confirmed Chris Hughton as permanent manager on an 18-month deal. Ashley had spoken to a number of prospective buyers for Newcastle in recent months without being able to close out a deal.

The club revealed that the most recent of those bids from Barry Moat had fallen through after he failed to come up with the price of 80million. That latest failure prompted Ashley to take the club off the market with the owner also promising to reinvest in the club as they bid to return to the Premier League at the first time of asking.

Newcastle currently sit top of the Championship table despite a quiet summer transfer window and could be strengthened in January following Ashley's money pledge. A statement explained the club's long-term plan – including renaming St James' Park. It said: "Whilst confirming these two matters, Newcastle United now aims to move forward on and off the pitch.

"The club aims to maximise its commercial revenues; this includes renegotiating its club sponsor and kit deal, which expire at the end of this season, as well as welcoming offers for the stadium naming rights for next season."

On Hughton's appointment, managing director Derek Llambias said: "We are delighted that Chris has accepted the post of full-time manager. He has done a terrific job this season and we wish him every success for the rest of this season and beyond."

Hughton, who has been in caretaker charge this season, added: "It is a very proud day for me to be named as the manager of this magnificent football club. I thank Mike and Derek for their support and will be doing everything in my power to get the club back into the Premier League at the first time of asking.

"Having the unequivocal backing of the players has helped me enormously and I would also like to thank Colin Calderwood, Paul Barron and the rest of the backroom staff who have never been anything but tremendously supportive to me this season."