Newcastle owner Mike Ashley has taken the club off the market and pledged to invest £20 million back into the Magpies.

Ashley also confirmed Chris Hughton as permanent boss 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.

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.

"He will continue to receive our full backing and support."