You can break the bank - Keegan given millions to spend on new stars

Newcastle owner Mike Ashley has told Keegan he will be allowed to splash his cash to deliver Champions League football to the city again.

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He's back in Toon: Keegan was all smiles after cash pledges

The sports mogul, who pulled off one of the shocks of the season when he landed Keegan after a three-year absence from football, wants Newcastle to compete again with Manchester United, Arsenal, Chelsea and Liverpool in the transfer market.

Ashley has spent £250m buying the club and clearing debts. He funded Sam Allardyce's £23m spree when he landed Alan Smith, Jose Enrique, Joey Barton, David Rozehnal and a host of free transfers.

The promise of extra funds played a key role in Ashley and chairman Chris Mort persuading Keegan to join the club for a third time and sign a three-and-a-half year deal.

Keegan, who will be unveiled in front of fans at St James' today, is enthused by the challenge.

He said: "I wouldn't say it was a big decision. I love this club so it was very easy. I met the owner, I like him very much, I met the chairman and just asked them what they felt was needed and, particularly the owner, 'What do you expect from your football club?'

"I spent an hour with them and that convinced me it's right to come back. Maybe there is a bit of unfinished business. I have inherited a really strong and talented group of players which is something I didn't have when I came last time.

"We were wondering whether we could fill the stadium and that is not a problem now. We will be trying to get a stadium big enough if we can put the football on and get any success here. It is very, very exciting.

"I am as excited as I was when I came to play here at 31 and when I came to manage here at 44."

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The boys are back in Toon: Kevin Keegan and Terry McDermott arrive at the Newcastle training ground on Thursday

Bolton manager Gary Megson believes Keegan will buy Newcastle their place at the Barclays Premier League's top table by luring football's biggest names.

Megson, whose side are at St James' Park tomorrow, said: "Within 18 months Newcastle will make the big four a big five. I'm positive Kevin will have been made promises in terms of what he has got to spend.

"And I don't even think Newcastle will have tempted him without the promise of big, big signings. Kevin will be going to buy the best players in the world."

Nicolas Anelka, Chelsea's £15m signing who was managed by Keegan at Manchester City, said: "It's good for the Premier League and English football. I worked with him and had a wonderful time with him."

Keegan, who yesterday met players and staff, intends to discuss a possible coaching role with Alan Shearer but it seems unlikely the club's record scorer would quit his TV work for a full-time job as a No 2.

Keegan is not renowned for his coaching abilities but he has inherited Nigel Pearson and Steve Round, respected men who have worked in the England set-up.