Magpies extend deadline

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Tyneside businessman Barry Moat has been given extra time to come up with the financial backing to buy out Newcastle owner Mike Ashley.

In a development which surprised few on Monday, the Magpies announced that Moat has been given an extension to 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 statement continued: "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 now faces a race against the clock to come up with a financial package which will satisfy both Barclays and Ashley, although two other consortia are also still in talks with the hierarchy at St James' Park.

Few commentators expected Monday's announcement would confirm decisive action in a saga which has been ongoing for around three months, and it will leave the club's fans with mixed feelings.

Moat is understood to be ready to install Alan Shearer as manager if his bid is successful, while the former skipper is also thought to be favoured by the other interested parties.

However, unless any of them meet Ashley's £100million asking price and can demonstrate they have the backing to run the club, there is a very real possibility it could ultimately remain in the hands of the current regime.

Copyright (c) PA Sport 2009, All Rights Reserved.

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