Toon extend Moat deadline

24 August 2009 11:10
Newcastle have announced they will be giving Barry Moat more time to table an offer for the club. Magpies managing director Derek Llambias revealed last week that Moat had stepped up his interest regarding a possible takeover. The local businessman has held talks with current owner Mike Ashley, who has been looking to sell Newcastle for some time. Moat has now been granted an extension which will allow him time to persuade Barclays Bank that he is able to service the club's existing £39million overdraft facility. A statement released by the club read: "Newcastle United confirm that we have extended our deadline to Barry Moat to table an offer for the club. "The extension is being granted in order to allow Barry Moat and his advisers to conclude funding arrangements with Barclays, current banker, for the continuation of last season's £39million facility. "This would allow a formal offer to be tabled." Moat has made it clear that if he takes control at St James' Park he would look to appoint Alan Shearer as manager on a full-time basis. Chris Hughton is currently in caretaker charge and has helped the Magpies make a strong start to their Championship campaign.

Source: SKY_Sports