**Newcastle owner Mike Ashley has ended his attempt to sell the club and will invest a further £20m in the next week.**The club confirmed on Tuesday that Barry Moat’s bid had fallen through after he failed to meet the £80m price.
Moat was the latest in a number of prospective buyers unable to complete a deal for the Championship leaders.
Ashley first put the club up for sale in September 2008, withdrew it in December, but announced he wanted to sell again after relegation in May.
A Newcastle statement on Tuesday said: “Mike Ashley is totally committed to the future success of Newcastle United and will be focused on gaining promotion back to the Premier League. Mike will put a further £20m into the club this week.”
At the same time, Chris Hughton was confirmed as the club’s permanent manager.
“Whilst confirming these two matters, Newcastle United now aims to move forward on and off the pitch,” the statement continued.
“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.”
Mike Ashley bought Newcastle in 2007 for £134.4m but has endured a torrid time in charge of the club following his purchase, culminating in their relegation from the Premier League last season.