Barry Moat's proposed takeover of Newcastle moves closer

Telegraph Sport understands that Moat has financing in place to meet Ashley's price and provide working capital to a new manager, expected to be Alan Shearer. The financing deal should also enable Moat to satisfy the club's bank, Barclays, which is insisting on a reduction in the current overdraft facility of £39 million. The club's borrowing currently stands at around £20 million and ideally Barclays would like that halved. The club confirmed yesterday that it had received an offer of £100 million from an unnamed party and that negotiations had reached the "sale and purchase" stage. Ashley now has until the end of the month to decide whether to accept a deal that will end his unhappy and expensive two-year association with the club.

Source: Telegraph