Ashley Extends Moat Bid Deadline
Newcastle United owner Mike Ashley has extended the deadline for local businessman Barry Moat to put together his takeover bid for the club in an attempt to get a deal completed.
Moat needs to persuade Barclays Bank that he is able to service the Championship club’s £39m overdraft before he can make a formal offer.
Newcastle, which has been up for sale at various prices for over 12 months, has not revealed how long Moat’s extension will be.
The statement read: ‘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 £39m facility. This would allow a formal offer to be tabled.’
Meanwhile, two other consortia are also reportedly in talks with the hierarchy at St James’ Park but any group hoping to buy the club will need to match Ashley’s £100m asking price.
