Lowe misses out

"The development of the ground, the football museum, our training facilities and youth set-up are just some of the things that tell me this club is going in the right direction.

"Loyalty is something which isn't that common in football. I was given a great opportunity to manage this club three-and-a-half years ago. I've always said it's been an honour and a privilege and that hasn't changed."

Preston chief executive Tony Scholes added: "There's been a lot of speculation over the past few weeks and months about David's future.

"That attention is well merited as we believe David is the best young manager in the game. He is ambitious and so are we at Preston North End.

"We believe that David is the man to push Preston North End into the Premiership."