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£40m overdraft minus £24m player sales leaves £16m....The £20m outstanding indicates £4m in running costs since relegation.

 

Wouldn't the 24m be paid in instalments though.....so 24m in player sales doesn't reduce the overdraft by 24m straightaway?

 

I have no idea if that's still the policy. It only made sense when Ashley was our only creditor. Now that we're facing punitive interest payments, you'd have thought we'd demand entire fees up front to minimise that waste.

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£40m overdraft minus £24m player sales leaves £16m....The £20m outstanding indicates £4m in running costs since relegation.

 

Wouldn't the 24m be paid in instalments though.....so 24m in player sales doesn't reduce the overdraft by 24m straightaway?

 

I have no idea if that's still the policy. It only made sense when Ashley was our only creditor. Now that we're facing punitive interest payments, you'd have thought we'd demand entire fees up front to minimise that waste.

 

 

We might have tried but I very much doubt that what happened and many clubs would not have been willing to do that.

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Isn't a £16m debt, manageable?

 

Most definitely.

 

I guess the rules Barclays have in place are so that clubs averaging 8k a game can't get into hock. You'd have thought they'd be a bit more malleable with a club that'll average 40k+

 

 

Barclay's Credit Committee will ask

 

1. How many clubs make a profit?

 

2. How many go bust??

 

3. What is the track record of the buyer

 

4. What is our fallback - a mortgage on the ground (no), the players (no), .............................

 

5. What will happen when the new guy takes over? More cash needed ????

 

 

Seriously - would you LEND to a football club? If we all would kick in £ 2,000 each (the price of a used motor) we could do it - but would you??????

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Im hearing whispers the deal with moat has been done. finances all in place, everything sorted.

 

anyone else heard owt?

 

It's funny you should mention that because I heard rumours that Hitler isn't dead but is in fact running an painters and decorators in Brighton with Elvis :icon_lol:

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Fresh doubts emerge over Newcastle ownership --- Times Online

 

 

Fresh doubts have emerged about the future ownership of Newcastle United, with Barry Moat struggling to raise the capital needed to buy the club and Chris Hughton, the team’s interim manager, conceding that his side’s fine start to the season has “papered over the cracks” at St James’ Park.

 

Moat, the Tyneside businessman, is hoping to borrow the vast majority of the £100 million required to meet Mike Ashley’s asking price, some of it from banks and the majority from Newcastle's present owner. However, The Times understands that Moat has yet cobble together the estimated £20m of his own cash he needs to secure a deal.

 

In an announcement on Monday, Newcastle said it had extended Moat's takeover deadline to allow him to "conclude funding arrangements with Barclays for the continuation of last season's £39m facility." Barclays declined to comment, but it is believed that the Moat consortium has already come to an agreement with the bank over the club's overdraft.

 

Sources close to the negotiations have cautioned that even if Moat can raise enough cash to persuade Mr Ashley to sign a provisional agreement for a sale, it could be months before the deal is completed

 

Barclays, which is expected to lend Moat some of the money he needs to purchase the Coca Cola Championship club, will not even begin so-called due diligence on the takeover until the local businessman has signed his initial agreement.

 

Whether Ashley would agree to such a time-frame is unknown, but the sportswear retailer has already signalled that he will remove the club from the market if the deal with Moat, who remains the only significant party in negotiations with Seymour Pierce, the investment bank charged with selling Newcastle, falls through. The prospect of Ashley remaining at St James’ for at least another year is a real one.

 

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Well it highlights a few things.

 

It claims the overdraft wrangle has been sorted

It claims Mort is struggling with his "deposit"

It claims that Barclays still have to go through a period of due dilligence.

 

Most importantly though it re-emphasises (for those who dont already see), that even if an agreement is reached, it could be months before Moat took control.

 

Some seem to think it will be announced "this week" and we will suddenly appoint Shearer and sign players within a few days.

 

Does this not imply that this quick scenario is pie in the sky.

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Well it highlights a few things.

 

It claims the overdraft wrangle has been sorted

It claims Mort is struggling with his "deposit"

It claims that Barclays still have to go through a period of due dilligence.

 

Most importantly though it re-emphasises (for those who dont already see), that even if an agreement is reached, it could be months before Moat took control.

 

Some seem to think it will be announced "this week" and we will suddenly appoint Shearer and sign players within a few days.

 

Does this not imply that this quick scenario is pie in the sky.

Could just be my cynicism but I don't see how it's saying anything new. There's been loads of articles like this with supposed insider knowledge, quite often contradicting what has been said recently as well, which also makes me suspicious about the author having a clue. I would imagine a quick check would reveal recent articles in the same paper mentioning the possibility or a quick conclusion (as well as ones like this saying it's nowhere near being sorted). As you point out, it claims a lot but that's about it.

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Im hearing whispers the deal with moat has been done. finances all in place, everything sorted.

 

anyone else heard owt?

I havnt heard anything at all, where have you heard that nobody else seems to have. :icon_lol:

 

from a solicitor who is working on the deal

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on n-o the craic is supposedly everything will be revealed today ?

 

Not everything, just that the Ronny Gill will be running an article that will reveal a bit more.

 

Redheugh best be telling the truth as the fourth hand info i've heard that originally came from him is, how you say, pant wettingly promising.

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