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http://news.bbc.co.uk/sport2/hi/football/teams/n/newcastle_united/8329055.stm
Page last updated at 22:38 GMT, Tuesday, 27 October 2009
Ashley takes Newcastle off market
Newcastle owner Mike Ashley has ended his attempt to sell the club and
will invest a further ￡20m in the next week.
The club confirmed on Tuesday that Barry Moat's bid had fallen through
after he failed to meet the ￡80m price.
New plans include selling the naming rights to St James' Park - the
club's home since 1892 - to increase revenues.
Ashley first put the club up for sale in September 2008, withdrew it in
December, but announced he wanted to sell again after relegation in May.
Moat was the latest in a number of prospective buyers unable to complete
a deal for the Championship leaders.
A Newcastle statement on Tuesday said: "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."
At the same time, Chris Hughton was confirmed as the club's permanent
manager.
"Whilst confirming these two matters, Newcastle United now aims to move
forward on and off the pitch," the statement continued.
"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."
St James' Park, which has been used for football since 1880, is the
oldest and largest stadium in the North East and will be used as a football
venue for the 2012 Olympics.
BBC Radio 5 live football commentator John Murray said: "Many of
Newcastle's supporters will be sceptical and also disgruntled that Mike
Ashley's ownership of - and relationship with - the club is set to continue.
"And however much stadium naming rights are part of football in the 21st
century, let's see how many of them refer to St James' Park as anything other
than that once a sponsor's brand is nailed onto it.
"But with over a quarter of the league season gone, Newcastle a point
clear at the top of the table and the economy emerging from recession, you
can't help but suspect the club may not be off the market for long."
Ashley bought Newcastle in 2007 for ￡134.4m but has endured a torrid
time in charge of the club following his purchase, culminating in their
relegation from the Premier League last season.
Hughton was on the coaching staff throughout and has since guided the
team to the top of the Championship after 14 games, but off the field
Newcastle have been ordered to pay Keegan's costs in his successful claim for
constructive dismissal.
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