Former Republic of Ireland international Chris Hughton has been confirmed as the new permanent manager of Newcastle United, while the club has been taken off the market by owner Mike Ashley, who has promised another £20million this week.

Hughton, the perennial go-to man of the club, has been taking charge sporadically throughout the comings and goings of other managers in the last few years, but he now has a contract, albeit a relatively short one until the end of next season.

Confirming the news this evening, Newcastle 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 in 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."

Ashley had been hoping to “broker a deal with a number of prospective buyers in recent months”, while the possible sale of the club to Barry Moat fell through “due to the cash price of £80m not being met,” according to a statement.

Newcastle are currently top of the Championship by a point from Cardiff City, with eight wins and 27 points from 14 games.