Rafael Benitez has confirmed that he will stay on as Newcastle United manager next season after guiding the club to Premier League promotion.

There was doubt over whether the Spaniard would continue in the role due to reported uncertainty over the amount of funds available in the transfer kitty.

However, club owner Mike Ashley has given Benitez assurances by claiming that the former Liverpool boss can have "every last penny".

The ex-Real Madrid boss was unable to keep the Magpies in the top flight after he took over last March, but he guided them back at the first time of asking, and won the Championship in the process.

In a statement released by the club it was confirmed that Benitez will continue as boss after holding a meeting with Ashley and managing director Lee Charnley.

"I'm pleased with how the meeting went and the positive approach we are all taking together to build on what we have started this season," said Benitez.

"There will be challenges ahead of course, the summer will not be easy, but the hard work has been going on for some time and we can now continue positively with the development of the squad ahead of the start of the new season. I wish fans an enjoyable summer."

Ashley added: "I've confirmed to Rafa and Lee that they can have every last penny that the club generates through promotion, player sales and other means in order to build for next season."

Newcastle will move up to the top flight with Brighton & Hove Albion, as well as either Reading, Sheffield Wednesday, Huddersfield Town or Fulham.