Date: 5th September 2009 at 9:22pm
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Newcastle United are said to be the subject of a takeover by local businessman Barry Moat in the ‘coming days’, reports The Telegraph.

According to the newspaper, Barry Moat has brought aboard a small number of investors who are keen on buying current owner Mike Ashley out, and installing club legend Alan Shearer as manager.

The Tyneside club have reportedly satisfied Barclays Bank that a reduced overdraft facility of £20 million – £19 million less than what it had enjoyed just a year ago, is feasible for a Championship club.

Moat and his consortium are also thought to be keen on offering Mike Ashley a stake in the club, and to allow Derek Llambias to remain in his current role.

The news that Ashley may remain in some form or the other will not bode well with the Toon Army, and one may only suspect what form of backlash awaits the current regime if the protracted takeover is successful.