Ashley is desperate to bring the club back into the Premier League.
“We are ten points clear at the top of the Championship table and we are on target to make an immediate return to the Premier League, which is where this club belongs,” Newcastle mangining director Derek Llambias said.
“Mike is totally committed to the club and fully focused on promotion. That is what he wants more than anything.
“We don’t envisage anyone leaving in January because we want to make sure Chris has the players he needs to get us back up.
“Chris has given us things to work on in January in terms of signing players – and we are trying to make those things happen.
“We will have to see, but we want to help and Mike will put the money in to help if Chris feels that it gives the club a better chance of returning to the Premier League.
“We haven’t achieved anything yet, there is still a long way to go and we cannot be complacent.”
“We have been absolutely delighted with the job that Chris has done,” Llambias added.
“There is a fantastic spirit in the camp and he has managed to change the whole atmosphere surrounding the club. It seems like a different place to what it was a few months ago.
“To see a crowd of nearly 50,000 people inside St James’ Park last weekend was tremendous and shows what a fantastic football club this is.
“When we offered the job to Chris on a permanent basis, Mike and I couldn’t have asked for anything more.”