Newcastle owner Mike Ashley today confirmed the club are no longer for sale after failing to find a buyer.

The billionaire sportswear magnate has decided to push ahead with his own plans for the club following a three-month campaign to find a purchaser.

Ashley engaged the services of investment bank Seymour Pierce after deciding to call it a day at St James' Park in September following mass protests against his regime in the wake of Kevin Keegan's departure as manager.

Ashley launched a £134.4million takeover of the club in May last year and has since invested around a further £100millon in servicing the debt burden and attempting to strengthen the playing squad.

Ashley said in a statement: "I am happy to end the uncertainty the fans may have had about the future direction of Newcastle United.

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"I have withdrawn Newcastle United from the market, and for me 2009 will be the year in which we drive the club forward together.

"Even when I haven't been at games I have remained a keen supporter, kicking and heading every ball and cheering the team on TV and being first to congratulate [manager] Joe [Kinnear] whenever there's a good result."

Ashley revealed the club had failed to find a suitable buyer. He added: "When I took the decision to put the club up for sale in September I made a point of saying two things were very important.

"Firstly any potential buyer would have to show they had the best interests of Newcastle United at heart and had both the commitment and finance to be worthy custodians of such a fine football club before I would even consider doing a deal.

"And secondly, I gave you my word that as long as I remain owner, this club would continue to be run responsibly at all levels. I hope you will accept that I have stood by that pledge."