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Newcastle United Takeover Coming to an End

A statement issued by Newcastle United yesterday to a local newspaper confirmed that they had accepted a bid of 100 million pounds (and meeting Mike Ashley’s asking price).

The sale, dragging on for almost five months, could soon reach a conclusion with the deal said to be at the ‘Sale and Purchase’ stage. However, the stumbling block which could scupper any takeover deal is thought to be the club’s overdraft. The overdraft currently stands at 39 million but Mike Ashley is in talks to reduce that to around 25 million.

The bidder is thought to be Tyneside businessman Barry Moat.

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