Newcastle give Moat an extension

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 this morning, 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 £39m 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 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.”