Newcastle United will not receive a penny in extra sponsorship before the end of the season as a result of renaming their stadium.

Supporters have reacted with uproar to the announcement that their historic ground has been rebranded as Newcastle attempt to recoup some of the £50 million that Derek Llambias, the managing director, claimed would be lost in revenue after their relegation to the Coca-Cola Championship. Newcastle will use Sports Direct, the sportswear retail company of which Mike Ashley, the Newcastle owner, is majority shareholder, to “showcase” the commercial potential of St James’ Park before seeking a new sponsor next summer.

City sources have confirmed, however, that Sports Direct, whose branding is already prominent at the stadium, will not pay any more for its sponsorship of the ground where Newcastle have played since 1892.

Llambias admitted that last week’s statement — when Newcastle were officially taken off the market, Chris Hughton was named permanent manager and offers for naming rights were welcomed — could have been worded “better”, but insisted that his intention was never to replace the name of St James’ Park.

Fans announced plans to protest during the home match against Peterborough United on Saturday, while the Newcastle United Supporters Trust (NUST) has collected more than 16,000 names in an online petition.

“We strongly believe the name and soul of our ground is not theirs to sell,” the NUST, which will launch an ambitious bid to buy the club on Monday, said.

Llambias confirmed that none of the £20 million that Ashley invested in the club last week would be spent on new players and reiterated that loan signings “are where we want to be”. He also said that Ashley will review his decision to withdraw the club’s sale if Newcastle secure promotion back to the Barclays Premier League.

“I think Mike’s vision is to be here and take us back into the Premier League,” he said, calling on fans to rally behind Hughton and his players.

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