Newcastle United Football Club (often abbreviated to NUFC) is an English professional association football club based in Newcastle upon Tyne. The club was founded in 1892 by the merger of Newcastle East End and Newcastle West End, and has played at its current home ground, St James' Park, ever since. The ground was developed into an all-seater stadium in the mid-1990s and now has a capacity of 52,405. The club has been a member of the Premier League for all but two years of the competition's history, and has never dropped below English football's second tier since joining the Football League in 1893. In 2007, long term chairman and owner Sir John Hall sold his share in the club to Mike Ashley. They have won four League Championship titles and six FA Cups, as well as the 1969 Inter-Cities Fairs Cup and the 2006 UEFA Intertoto Cup. Newcastle United has the ninth highest total of major honours won by an English club. The club's most successful period was between 1904 and 1910, when they won an FA Cup and three of their First Division titles. The club is the twentieth richest club in the world in terms of annual revenue, generating €115.3m in 2012. Historically, Newcastle’s highest placing was fifth in the world. They have a fierce local rivalry with Sunderland, and the two clubs have engaged in the Tyne–Wear derby since 1898. The club's traditional kit colours are black and white striped shirts, black shorts and black socks. Their traditional crest takes elements of the city coat of arms, which features two seahorses.