NEWCASTLE are no longer for sale after owner Mike Ashley took the club off the market and confirmed Chris Hughton will become permanent manager.

Hughton has been given a contract until the end of the 2010/11 season.

But perhaps more significantly, Magpies owner Ashley has been unable to sell and has vowed to plough another £20mn into the club this week.

Ashley has spoken to various prospective buyers in recent months without being able to close a deal. The club confirmed tonight Barry Moat's bid has fallen through after he failed to come up with the price of £80m.

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."

Hughton added: "It is a very proud day for me to be named as the manager of this magnificent football club.

"I thank Mike and Derek for their support and will be doing everything i my power to get the club back into the Premier League at the first time of asking.

"Having the unequivocal backing of the players has helped me enormously and I would also like to thank Colin Calderwood, Paul Barron and the rest of the backroom staff who have never been anything but tremendously supportive to me this season."

Plans to rename St James’ Park are likely to stun supporters.

A club statement read: “While 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.”

Hughton will hope next season Newcastle will be in the Premier League, having been handed his first managerial job after previously being caretaker at both Newcastle and Tottenham Hotspur.

Hughton had held numerous discussions with Ashley in the last fortnight, having first been told before the trip to Nottingham Forest on October 17 he was going to be given the top job.

But confirmation of the appointment had been slow, with the finer details of his contract being talked about between matches with Scunthorpe and Doncaster.

A recent run of poor form came to an end on Saturday, when a disappointing Newcastle came from a goal behind to snatch a late winner through Kevin Nolan, which kept them at the top of the Championship.

It is Hughton’s performance since taking over in the summer that has eased Ashley’s determination to sell.

Ashley had spoken to various prospective buyers in recent months without being able to close a deal. The club last night confirmed that Barry Moat’s bid has fallen through after he failed to come up with the price of £80m.

It was suggested yesterday that Moat had restructured an offer of £40m-plus-£40m that had been rejected. Sources close to Moat, however, claim a renewed offer of £60m up front with £20m paid next season was also rebuffed.

Ashley remained adamant that he would not sell for less than £100m.

Moat’s failure, along with other interested parties, led to Ashley taking the club off the market.

Meanwhile, Hughton was powerless to prevent the Football Association from failing to overturn the red card dished out to Zurab Khizanishvili yesterday.

Newcastle had appealed against the length of the three-match suspension following his straight card during Saturday’s victory over Doncaster.

But the FA deemed the punishment should still stand and the Georgian defender will now miss the trip to Sheffield and the two matches which follow, which are the home date with Peterborough and the trip to Preston.

The outcome was certainly not ideal for Hughton, although he is confident that Danny Simpson will be fit again after injury.

Simpson has recovered from an ankle problem and he could be joined in the squad next week by Fabricio Coloccini and Steven Taylor, who are both closer to fitness.