Moat Latest To Be Linked To Newcastle Takeover Bid
Media reports have linked Tyneside-based businessman Barry Moat to a takeover deal for troubled Newcastle United with club owner Mike Ashley aiming to recoup £100m from any potential sale.
Newcastle, which was relegated from the Premier League to the Coca-Cola Championship last season, have been on the market for a number of months and whilst many bidders have been linked with a deal, none has materialised.
However, with only days to go before the end of the season, Moat was reportedly seen in London holding talks with representatives from investment bank Seymour Pierce, who are handling the sale on Ashley’s behalf.
Sources said that while a deal had not yet been concluded, the negotiations with Moat represented the best ‘exit strategy’ for Ashley, who is facing losses of at least £100m from his investment in the struggling club.
Moat, an associate of Alan Shearer and an executive box-holder at St James’ Park, is the front-runner to buy out Ashley after completing due diligence on the club books in the last week.
If a deal can be agreed the formal takeover could take several weeks to complete, but under the reported terms of the proposed deal Moat would put in £50m of his own money and bring in a further £50m of outside investment to meet Ashley’s asking price.
