BREAKING NEWS: Newcastle off the market

27 October 2009 10:18
NEWCASTLE are no longer for sale after owner Mike Ashley took the club off the market and confirmed Chris Hughton will become permanent manager.[LNB] Hughton has been given a contract until the end of the 2010/11 season.[LNB] But perhaps more significantly, Magpies owner Ashley has been unable to sell and has vowed to plough another £20mn into the club this week.[LNB] Ashley has spoken to various prospective buyers in recent months without being able to close a deal. The club confirmed tonight Barry Moat's bid has fallen through after he failed to come up with the price of £80m.[LNB] A statement explained the club's long-term plan - including renaming St James Park.[LNB] It said: "Whilst confirming these two matters, Newcastle United now aims to move forward on and off the pitch.[LNB] "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."[LNB] 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.[LNB] "He will continue to receive our full backing and support."[LNB] Hughton added: "It is a very proud day for me to be named as the manager of this magnificent football club.[LNB] "I thank Mike and Derek for their support and will be doing everything i my power to get the club back into the Premier League at the first time of asking.[LNB] "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."[LNB]

Source: Northern_Echo