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Ashley abandons attempt to sell Newcastle

  • Story Highlights
  • Newcastle owner Mike Ashley gives up attempt to sell Premier League club
  • Ashley put the club on the market after fall out with former manager Kevin Keegan
  • Newcastle's results have improved under current manager Joe Kinnear
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(CNN) -- Newcastle owner Mike Ashley has abandoned his attempt to sell the Premier League club after failing to find a buyer.

Ashley has had a change of heart of failing to find a buyer for Newcastle.

Ashley has had a change of heart of failing to find a buyer for Newcastle.

The billionaire sports tycoon has decided instead to press ahead with his own plans for the north-east giants under current manager Joe Kinnear.

"I am happy to end the uncertainty the fans may have had about the future direction of Newcastle United," Ashley said in a statement on the club's official Web site.

"I know just how important that is to you.

"I have withdrawn Newcastle United from the market, and for me 2009 will be the year in which we drive the club forward together."

Ashley put the club up for sale in September in the wake of ferocious protests from fans after the departure of Kevin Keegan as manager.

Keegan, who was hailed as the savior of the club when he returned earlier in the year for a second spell in charge, fell out with Ashley over transfer policy.

Kinnear was installed as a caretaker manager while Ashley sought prospective buyers, with a price tag of around $600 million.

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  • But despite several consortiums being linked with taking control at St James' Park nothing concrete has emerged, leading to Sunday's announcement.

    Results have improved under former Wimbledon boss Kinnear, who has been given a contract until the end of the season and will be looking for funds to strengthen the squad in the January transfer window.

    Former player John Anderson told Press Association that success was the key to Ashley winning back the fans' trust.

    "If he makes money available to Joe Kinnear, and he spends it wisely, that's all the supporters will care about," said the ex-defender.

    Newcastle were later routed by leaders Liverpool 5-1 in the early kickoff in the Premier League on Sunday, leaving them still in trouble in the bottom half of the table.

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