Rafael Benitez
Rafael Benitez will stay for at least the remaining two years of his Newcastle contract Reuters

Newcastle United manager Rafael Benitez will have access to upwards of £170m ($220m) in the summer transfer window to help keep them in the Premier League after committing his future to the newly promoted club.

Following talks with Newcastle owner Mike Ashley, the former Real Madrid and Liverpool boss will remain in the northeast, having guided the Toon back to the top flight at the first time of asking by winning the Championship title.

The future of the 57-year-old was uncertain despite the success, with Benitez awaiting guarantees over the resources available to him this summer and the freedom with which he will be allowed to make changes to deliver survival.

The Magpies were the only club in the Championship not to make a signing during January, an episode which drew scathing criticism from the 2005 Champions League winner.

But to the relief of those connected with Newcastle, Benitez will honour at least the next two years of his deal after discussions were held with Ashley and managing director Lee Charnley.

Planning next year's squad

"Plans for next season were discussed, including the purchase and loan of players to add to the squad in readiness for the Premier League season," a club statement read, upon confirmation that Benitez will remain at St James' Park.

"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," the manager added.

"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!"

Mike Ashley
Mike Ashley is set to invest in Newcastle after years of unpopularity at St James' Park Reuters

Perhaps the most noteworthy detail came from Ashley, who committed to giving the coach all the resources available to improve the squad. That could mean Benitez has access to the £170m the club will earn from just one season back in English football's top division.

According to Sky Sports, even should Newcastle finish bottom of the table in the 2017-18 campaign they will be entitled to an estimated £95m, while they will be due another £75m in parachute payments if they were relegated. That total figure could rise to £290m if they manage to avoid finishing in the bottom three.

Those resources will be added to by the sales of any first team players, while Ashley himself has not ruled out supplementing the kitty should it be required.

The Sports Direct founder said: "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."