After shopping the club around for months on end and not getting the offer he was looking for, Mike Ashley has taken Newcastle off the market while giving the full time manager’s role to Chris Hughton until the end of the 2010 - 11 season.

Via Guardian 

The club has also announced that it will, controversially, invite bids for the naming rights to St James’ Park and renegotiate its club sponsor and kit deals.

Ashley’s decision to retain Newcastle – and promise to inject a further £20m into the club this week – comes after a consortium led by the Newcastle-based businessman Barry Moat, who had planned to appoint Alan Shearer as manager, failed to meet his £80m asking price.

A club statement read: “Mike Ashley is totally committed to the future success of Newcastle United and will be focused on gaining promotion back to the Premier League. Mike will put a further £20m into the club this week.”

“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, Newcastle’s 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. He will continue to receive our full backing and support.”

Hughton, who is expected to earn £260,000 per season, added: “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 been tremendously supportive to me this season.”