NUFC appoint Chris Hughton and take club off market

Oct 28 2009 By The Journal

Click here to take our short survey and leave us your comments.

NEWCASTLE United owner Mike Ashley last night took the club off the market and pledged his future to the St James's Park club.

But United also revealed that a search has been launched for companies to sponsor the iconic stadium.

And that could lead to its name being changed as early as next season.

Millionaire Mr Ashley has spoken to prospective buyers in recent months without being able to close a deal.

The club confirmed last night that Tyneside businessman Barry Moat’s bid had collapsed after he failed to come up with the asking price of £80m.

Caretaker manager Chris Hughton was also announced as permanent manager, with a contract running until the end of the 2010/11 season.

The club said Mr Ashley would inject a further £20m into the club this week. As well as breaking off talks with Mr Moat, he ended talks on a potential takeover by the Star Foundation.

His patience is said to have snapped after the US group, fronted by North West businessman Geoff Sheard, failed to meet a final deadline on Friday.

A club statement released last night said: "With regard to the possible sale of the club to Barry Moat, that particular bid has now fallen through due to the cash price of £80m not being met.

"In confirming the news, Mike Ashley stated that he is totally committed to the future success of Newcastle United and will be focussing on gaining promotion back to the Premier League. He 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."

The club was originally put on the market for £100m in May this year.

Newcastle United are currently top of the Championship with 27 points.

Fans' groups have laid the blame for the current state of the club at Ashley's door but welcomed Hughton's appointment.

Steve Wraith, editor of Players Inc fanzine, said: "I don't think it's come as any surprise to any Newcastle fans.

"I think Ashley has been trying to string the fans along. I don't think he's had any intention to sell the club.

"We have just got to get on with it - Mike Ashley's in charge of the club. We have just got to do all we can to live in harmony."

He added: "I think Chris Hughton will do a very good job in this division.

"I'm glad he's taken the job, let's hope we can continue our half decent start to the season and get out of this division."

Click here to take our short survey and leave us your comments.