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Mike Ashley gives up his plans to sell Newcastle
Andrew Hodgson28.10.09
Newcastle owner Mike Ashley pledged to invest £20million back into the Magpies after he last night took the club off the market.
In a move to bring some much-needed stability to the St James' Park outfit, Ashley also confirmed Chris Hughton as permanent boss.
The club revealed that a bid from Barry Moat had fallen through after he failed to come up with the asking price of £80m.
That prompted Ashley to take the club off the market with the owner also promising to reinvest as they bid to return to the Premier League.
The Magpies currently sit top of the Championship table and a club statement said: "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."
