Board state the obvious as the transfer window slams shut early for Toon?
August 24th, 2009 | 42 Comments |
Toon Army Tsunami on release, had us all exhaling in disappointment at the progress report announcing that….well there is no progress really, just another extension on the deadline. But we’re used to it by now, right?
Nothing to report then? Well not strictly true, depending on how you interpret the message and it still managed to get tongues wagging. The statement reads as follows –
NEWCASTLE United Football Club confirms that it has extended its deadline to Barry Moat to table an offer for the Club.
The extension has been granted in order to allow Barry Moat and his advisors to conclude funding arrangements with Barclays, current bankers, for the continuation of last season’s £39m facility.
This would allow a formal offer to be tabled
So what does it mean exactly?
Well crucially, it potentially means Moat can’t be too far away from the finishing line if his business plan has enough credibility to get to this stage. The key word in the second paragraph is conclude, which suggests there is merely a decision left to be made by Barclays on whether or not they will continue to allow the overdraft facility based on Moat’s business plan. (more…)