Oct 27, 2009, 22:56 GMT
London - Newcastle United named Chris Hughton as manager on Tuesday as owner Mike Ashley confirmed he was no longer seeking to sell the club.
Hughton, who has been in caretaker control since the beginning of the season, has agreed a deal until the end of the 2010-11 season.
Ashley has been widely criticized by fans but committed to investing a further 20 million pounds (32.76 million dollars).
Newcastle revealed that an attempted takeover of the club by businessman Barry Moat had fallen through as he had failed to come up with the agreed fee of 80 million pounds.
The club confirmed it would sell off the naming rights to St James' Park to a sponsor.
'Whilst confirming these two matters, Newcastle United now aims to move forward on and off the pitch,' it said.
'The club aims to maximize 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.'
Hughton has led Newcastle, who were relegated from the Premier League last season, to the top of the Championship.
'It is a very proud day for me to be named as the manager of this magnificent football club,' he said. 'I will be doing everything in my power to get the club back into the Premier League at the first time of asking.'
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