The Daily Telegraph is reporting the takeover of Newcastle United could be completed in the coming days.
Now how many times have we heard that in the last 14 weeks?
Barry Moat – is he now ready to do deal?
With the American consortium presumably pulling out last week, Barry Moat seems the only game in Toon to buy Newcastle.
The Telegraph is saying that talks between the Moat consortium and Ashley have now reached the advanced stages, and a deal could be struck imminently.
Ashley has extended his deadline by four weeks to allow Barry to put the deal together that meets the £100M asking price. That was announced Monday 24th August, so the 4 weeks ends on 21st September.
So we suppose Moat has 2 weeks to close a deal, and if he cannot, then what? We have no idea, but maybe we just go on winning our games.
As we know, for the last several weeks Moat has been in talks with Barclays about reducing the club’s overdraft.
Newcastle were working with a £39M overdraft limit, which apparently expired last Monday, August 31.
Previous reports say the bank wanted the new overdraft limit to be only £10M, which is consistent with other Championship clubs.
The current balance is £20M and we suppose what the Telegraph is reporting is that outstanding amount is now £10M, and that is within the new maximum overdraft amount of £10M.
So before we go any further none of the above is particularly new news, other than the £39M facility expired last Monday and Newcastle have managed to reduce their outstanding balance to be £10M, which is the maximum overdraft amount Barclays will offer Newcastle, and any other Championship club for that matter.
So if this is all true, we have an overdraft, but we can draw nothing on it, because it’s maxed out.
In retrospect we’re not sure how much is new here, other than the Telegraph getting some inside information that the deal can be closed, and closed quickly.
But we’ve had so much of this stuff over the summer, that it’s hard to take any of these stories with too much seriousness.
However, if the above is true and Moat can put together his own part of the £100M amount, which we understand is £20M – and he was having difficulty doing this – presumably he can meet Ashley’s price, and a deal will be struck.
And if Moat was short of investment to get to the £100M asking price, it could be that Mike Ashley will become part of the Moat Consortium and maybe invest say £20M.
That’s like Mike carrying Barry over the finishing line, and he would then own 20% of the club, but Moat would be the owner, and run day to day operations.
It could be announced soon, but hey – after over 3 months of this nonsense – we’ll only believe it when it happens. And remember tomorrow is Sunday. 😀
And we’re not even sure a sale at this point is necessarily good – with the team doing so very well and standing top of the league.
Barry will announce Shearer as the new manager, so we have to hope that this will not impact how the lads are playing, or the great results Chris has been getting.
The disaster scenario is that Moat takes over, Shearer comes in as manager to great fanfare – again.
He then sacks Joey Barton, and makes changes in training and the like – and the result is that we lose the great form and results we have started the season with under Chris Hughton and Colin Calderwood.
In other words on the player side of things we fix something which is not currently broken.
We need continuity big time, especially when we are winning, and that means keeping the current coaching staff and integrating them nicely into Alan’s overall coaching team, and not making any major changes at all – at least not on the playing side of things.