Carroll speaksApparently the Sheard-fronted US bid is in trouble. According to The Chronicle, the talks between the bidders and Seymour Pierce broke down after the US consortium failed to provide proof of funds. That’s not quite the end of things though as Derek Llambias has been teleconferencing with them, although no progress has been made.
In my experience teleconferencing takes a bit of getting used to. It’s all too easy to assume the mentality one does when watching television, forgetting that with a teleconference the people on the screen can actually hear what you’re saying.
I can remember a colleague of mine coming into the teleconference room, pointing to the screen and saying (I remember the phrase exactly even though it was 20 years ago): “who’s the fat, spammed-up, centre-parter?” and a small voice came out the speakers saying “my name’s Ian actually.” I was incapacitated with laughter for most of the rest of the conference.
So for that reason alone I predict the US bid has had it, leaving Barry Moat as the only viable candidate to take over the Toon at the moment. (more…)
Harris talks but says littleAccording to previous press reports, Newcastle United’s £39m overdraft facility with Barclays Bank ended on the 31st August and unless some other agreement was reached it was going to be renewed with only a £10m limit, in line with Barclays’ policy for Championship clubs.
If reports that the club owed £20m on that overdraft facility are true, then Ashley would have needed to pay off the other £10m by August 31st.
Barry Moat was apparently in the process of trying to negotiate some sort of deal with Barclays, which would allow the club to maintain a working overdraft facility higher than £10m and thus put him in a better position to take over the club.
I therefore wonder what happened with that, not that I’m expecting to hear anything from the club about it. (more…)
Barcelona-style Toon.Remember Graham Roberts and his plan to put Newcastle United in the hands of the fans?
I thought that had faded into oblivion. In fact I thought it was a complete non-starter and imposed a reporting embargo on myself about it, but I’ve lifted it in the interests of amusement.
It seems this bid is still simmering away and Sky Sports are reporting that Graham Roberts thinks his chances of turning the Toon into a Barcelona-style club are 75%. Things didn’t get off to a good start though. Roberts said:
“There’s a few people who have put some money together, we went to meet the Newcastle board but they didn’t turn up. [Derek] Llambias didn’t show up, we had the financial director and the club secretary.”
That doesn’t sound too promising, although I suppose they could have sent the tea lady. (more…)
Star-spangled Toon.According to The Mirror, Alan Shearer is the fairest of them all.
Or at least that will be the case if the Sheard-fronted American bid is successful.
The Mirror claims the consortium is close to signing a deal, although forgive me for not getting all excited but we’ve heard this sort of stuff before and it has so far come to nothing.
Apparently these Yanks have a background in the American sports industry and have the funds to pay Ashley’s £100m asking price, build and market the club and sign players.
A source close to the bid (yawn) said:
“This bid is both serious and credible. The difference between this and other bids is that the funding is there to buy the club if agreement can be reached on other financial areas such as the club’s £39million overdraft.
“Ideally, the consortium would have liked the business completed before the transfer deadline closed but they are serious about buying the club and won’t rush.
“Talks are under way and Mike Ashley’s original asking price shouldn’t be an issue. But it will take time and because of all the other disappointments the Americans have to play their cards close to their chests.” (more…)
The bank that might like to say noMuch speculation has ensued after yesterday’s announcement that the club is giving Barry Moat more time to negotiate an overdraft facility with Barclays Bank.
Our favourite mackem Louise Taylor demonstrates surprising knowledge of the club’s confidential banking details, which form the crux of her latest article in The Guardian.
According to Ms Taylor and her inevitable ‘sources’, we have a £40m overdraft facility, on which we currently owe £20m. On Tuesday Barclays were planning to renew that facility but with only a £10m limit, which is in line with what they usually allow for Championship clubs.
Apparently Ashley has the funds to cover the £10m shortfall but – The Guardian claims – Moat does not and if he can’t persuade Barclays to break with their Championship-lending policies and allow him to have a £20m overdraft, then his takeover effort will fail. (more…)
