Source: Telegraph
Barry Moat closes in on Newcastle United takeover
Telegraph Sport understands that talks between the Moat consortium and Ashley are scheduled and that a deal could be agreed imminently.[LNB]Moat has been the front-runner to buy the club since July, when Telegraph Sport disclosed that he was in advanced negotiations with Ashley, via his advisers investment bank Seymour Pierce.[LNB] Related ArticlesGuthrie part of Newcastle revivalNewcastle 1 Leicester 0Smith toasts Newcastle's spiritNewcastle sweat over AmeobiBolton confirm Nolan interestNewcastle 4 Huddersfield 3Negotiations continued throughout August despite the club playing down Moat's prospects of meeting the £100m asking price, and Ashley has extended his deadline by four weeks to allow the businessman to put the deal together.[LNB]Moat is understood to have brought together a small number of investors, and has been in talks with Barclays about reducing the club's overdraft.[LNB]Newcastle were working with a £39m overdraft facility but that expired on August 31, and the bank are understood to have demanded a reduction to around £10m, a more realistic figure for a Championship club.[LNB]Currently the club is thought to have drawn less than £20m of the facility, reducing the funding gap to £10m.[LNB]A Moat takeover is likely to be hugely popular with supporters who long ago wearied of Ashley's chaotic management of the club. Alan Shearer is likely to be installed as manager if he succeeds, a move that will secure approval. [LNB]
