There is news in the Telegraph this morning that suggests that Barry Moat has been successful in getting his loan at Barclays Bank to help buy Newcastle United.
Barry Moat – Barclays loan approved?
Moat is trying to complete a deal before the end of the week so that his choice as manager, Alan Shearer, will have some time to buy or sell players before the transfer window closes at the end of August.
The Telegraph is reporting that Moat is understood to have secured the financing required to complete the deal from Barclays Bank.
However, the deal will only now happen if Ashley is now willing to accept his offer, thought to be in the region of £70M-£80M.
It is thought that Barclays have been seeking assurances that the debt, which stands around £40M at Newcastle, will be reduced as part of the takeover.
But we would have thought that the transfer fees we have brought in with the sale of a number of our players (about £23M) would have helped to reduce that debt, but apparently that has not happened – yet.
The Telegraph understand that Barclays is satisfied with the Moat takeover plans, however, and has already received reassurances that his proposal is a solid one.
It appears that Moat is putting up some of his own money to buy the club, with the balance coming from investors, thought to be located in America.
The key to all of this of course is Ashley agreeing to accept Moat’s offer, but why would Ashley wait this long for the loan to go through , if he then wasn’t to accept the deal? Yes, we know, anything is possible with Mike.
We don’t know if this report in the Telegraph is true, but we’ve been expecting some news to leak through soon, on whether the loan was approved. We hope this story is true. 😀
Ashley has been seeking £100M for the club and has appeared a little reluctant to accept less, but he just may have to do that, and now is the time.
He should also know from Saturday, that he is hardly one of the Newcastle fans’ favorite people – to say the least.