Newcastle United, the English soccer club, is officially off the market and its owner, Mike Ashley, plans to sell the naming rights to the club's famous St James' Park stadium.

The club's coach, Chris Hughton, has been handed a contract running to the end of the 2010/11 season, and Ashley has confirmed he will not sell the club after local businessman Barry Moat failed to match the club's £80 million asking price.

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'Newcastle United now aims to move forward on and off the pitch,' said a club statement. '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.'

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."