Newcastle owner Mike Ashley extends deadline for potential buyer Barry Moat

24 August 2009 12:20
Ashley has confirmed that Moat had been given more time to come up with the financial backing necessary to prove to the club's bankers that he can service Newcastle's £39-million overdraft. Ashley's move was announced in a brief statement on the Championship club's website this morning. Related Articles * Hughton restores feelgood factor at Newcastle * Crystal Palace 0 Newcastle 2 * Telegraph player rater * Hughton relishing Newcastle challenge * Newcastle still courting Moat deal * Maradona helps Newcastle "Newcastle United confirms that it has extended its deadline for Barry Moat to table an offer for the club," the bulletin said. "The extension has been granted in order to allow Barry Moat and his advisors to conclude funding arrangements with Barclays, current bankers, for the continuation of last season's £39-million facility. This would allow a formal offer to be tabled. Moat, whose emergence as the front-runner in the race for his hometown club was revealed by Telegraph Sport, is a close friend of Shearer and is expected to place him in charge of first-team affairs should his takeover be completed. Moat has been locked in talks with investment Seymour Pierce and the powers-that-be at Newcastle, prospective backers and Barclays Bank, for several months, but he does not yet have the funding to finalise20a deal. That would allow Ashley to wash his hands of the club that he bought two years ago for £134.4-million in an move that has brought turmoil to the Gallowgate. Of course, he unsuccessfully put the club up for sale a year ago after Kevin Keegan abruptly quit the club. He brought in Shearer towards the end of last season as Newcastle headed towards relegation but the former club skipper was unable to pull his team out of a tailspin and the club was relegated. Ashley had planned to hand Shearer a four-year contract but instead he put the club up for sale again. Despite being without Shearer, Newcastle have started this season brightly under caretaker boss Chris Hughton who has said he would like the job.

Source: Telegraph