Board state the obvious as the transfer window slams shut early for Toon?

Posted on August 24th, 2009 | 42 Comments |

Time to say goodbye?
Time to say goodbye?
Well if Carlsberg did a line in anti-climax then today’s official statement would be a great start. A collective holding of breath over the weekend, enough to cause a 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.

One of the things which seems to worry fans is the fact that a bid hasn’t yet been tabled but these guys will know each other pretty well now and I’m fairly confident should Moat get the green light from the bank that he will thrash it out efficiently with Ashley. Surely, neither man would let this drag on without knowing there is a way out and wouldn’t let it go this far without knowing realistically what is required to get what they both want or at least as near as dammit?

Of course this implies it’s a one-horse race, which probably contradicts LLambias’ continued assertion that there have been other interested and viable suitors all along. Regardless of personal feelings towards a man who manages to be discernibly unlikeable in both his mannerisms and facial expressions, it’s difficult to know how much to believe because so many of his statements have been contradicted in the past.

So what else is left for debate? Well, the small issue of our depleted squad for a start and the likelihood that in order to satisfy the bank manager we may well sacrifice our chances of promotion. Whether Ashley ends up staying or Moat comes on board, it’s looking increasingly likely that we will be left with a paper-thin squad simply in order to rectify the financial issues at the club and because we will once again be reactive rather than proactive in the transfer market, with little or no time left to arrange and finalise deals.

The transfer deadline has been extended to next Tuesday but it seems that an extra 24 hours is a moot point so far as new permanent signings go up at St James’. Surely, if we’re struggling so badly to cut the costs, then it’s extremely unlikely that we’ll be bringing new blood in unless they’re on loan? So that transfer window can slam shut for me right now as we hold on dearly to what players we have left.

There is already concern that if Moat is having such difficulty now in financing a takeover, where does that leave us in the short to medium term? Well probably no better off immediately than we are at present but I believe a fresh start that everyone can get behind will increase income for one thing and even at worst, having somebody else with the passion and appetite for running a football club is something which we can look forward to. Of course, there is the risk of failure but can he really fair as badly as Ashley and Co did?

Being the optimist that I am, I’m reading good things into that statement and despite seeing the steady stream of departing players yet dry up, we can but hope that Ashley et al are also making an exit by the end of the week. Did that statement tell us anything that we hadn’t already summised? Probably not but we can hope and pray that it lets us know that maybe this isn’t some horrible nightmare we’re unable to wake from. That bright awakening is hopefully not too far away now!

NUFCBlog Author: bowburnmag bowburnmag has written 234 articles on this blog.

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42 Responses

  1. i am extremely worried by moat owning our club dont get me wrong he seems to love the club and he seems inteligent enough and extremely passionate but i doubt he has the finances
    on a lighter or orange note should i say its reported in the sun that phill brown denies using fake tan or sun beds “ive never been on a sunbed in my life-its just natural” they must get more sun in hull than people think

    also duff claims that he felt SUICIDAL after we were relegated

    im sorry but thats far fetched i admit we arent the best club to play for at the minute but gettin paid 50 k a week to play football is a pretty good life by mine and most peoples standards

  2. I concur with most of that BBM.

    Not sure about this: “There is already concern that if Moat is having such difficulty now in financing a takeover”

    I must admit I had a slight concern about that myself but I’m not so sure now. Getting financing for this sort of thing is normal and I think the fact that it needs Barclays’ approval is a good thing. If that approval is granted it would suggest to me that at least Barclays are convinced by the business plan.

  3. summerof69 says:
    August 24, 2009 at 9:21 pm

    “also did any 1 hear that apperently kk is gonna be a pundit for espn”

    Funnily enough, I was just reading it in the Sunday Stun, ’69.

  4. If we have a overdraft of £40million, what happened with the £26million we raised with the sale of 10 players.

  5. summerof69 says:
    August 24, 2009 at 9:29 pm

    “worky me too did you also read the part about phill browns tan lol”

    No, lol. To be fair, alot of people who receive the same kind of income as he does often jet off to boltholes in Spain, Italy the South of France etc

  6. i am concerned that if Moat is having difficulty in raising the finance to buy the club what is going to do should the deal go through but he has left himself short of capital to see the job through – that means whoever we have got left to sell will go as part of a major cost cutting plan with no hope of significant investment to help improve the squad and get us back up –

    How the hell have we got here?

  7. Turkish Geordie, I’m not sure we do have an overdraft of £40m. What we have is an overdraft ‘facility’, which may currently reside at anything from £0 to £40m.

    Ashley, being a billionaire, could probably guarantee that overdraft but Moat, being a mere multi-millionaire, probably can’t guarantee that from his own money and will thus need to convince Barclays that his financial plan is good enough for them to continue to provide the facility.

  8. worky
    i have been on 1 holiday to france with the school and been many times to spain and i usually go brown not orange ps its on page 6 of the sport pullout its also sad news that oasis could be splittin up even if they are pr!cks

  9. Turkish Geordie says:
    August 24, 2009 at 9:51 pm (Edit)

    So there should be £26million some place?


    Yes. Whether that’s offsetting debt in the overdraft or elsewhere I have no idea.

  10. Hugh de Payen says:

    I concur with most of that BBM.

    Not sure about this: “There is already concern that if Moat is having such difficulty now in financing a takeover”


    Hugh, as ever when writing these articles, that’s not really my view but what I’ve ascertained from other’s opinions to be honest.

  11. Sorry I meant, it’s not ALWAYS my view. Clearly some of it is.

    The stuff that makes sense for instance 8)

  12. I think people may be getting to worried about Moat, why would he take over if he had no money to invest in the team? He knows the club better than most, he has witnessed what has happened to team after the previous transfer windows when not enough money was invested in the right areas. So why would he want us to go through that again, surely the same mistakes won’t be repeated?

  13. I don’t think there’s an issue about raising the money.

    It looks like he just wants the overdraft facility transferred to the new ownership.

    He must have a decent amount of backing otherwise he would have been laughed out of the bank before he got his briefcase open!

    There’s an article in the telegraph saying that he doesn’t want the overdraft to use, he wants to reduce it.

    But also put yourselves in Moat and his backers position- Would you want to spend you’re own money paying of overdrafts or buying new players to get promoted?

  14. DUFF Remarks, I felt sucicidal after the plonker put us down, lets not forget who sent us down, YES Mr Duff it was your own goal!!!!!

  15. the 24m so far for the players sold this month on top of the 13m we got in january aswell as the 30m parachute payment for dropping out of the premiership totalling 67m has gone strtaight to ashley to pay off towards the 100m loan he paid to clear off the extra debts the club had after he bought it from fat freddie shepherd so that moneys gone and we still owe 36m which i think is the reason why moat need the overdraft the 100m to buy the club aswell as give ashley the extra 36m from the overdraft for him to pxxx off. hopefully if it all goes through the club will be in a better finacial state with most of the debt vanished and some big earners gone mind you i would like to see xisco coco the clown geremi and either butt or smith go next which would trim the wage bill down from 74m to 36m lets hope.

  16. On a more positive note, does Moat having the deadline extended for the overdraft not mean he has the funds to buy the club and has proved it to Ashley?

  17. Does it matter which league we are in as the EPL has just made us look inferior for years and we look quite good at this time. I have always believed that Ashley would keep the club for another year and gamble that we get promoted even with no new signings. I am afraid that unless Moat has a 5+ year plan to enable NUFC to compete in the EPL then we will be no better off; although possibly a yo-yo club like WBA and Boro.

  18. Toon_Factor says:
    August 24, 2009 at 9:52 pm
    “A young Phil Brown”

    Toon, who do you think is the more orange, Phil Brown? Or the lasses doon the Bigg Market? ;-)

  19. Why is someone posting under my name?

    My last genuine comment was @ 1027 comment 19.

    After that and my conversation with stardust (small s)isn’t me!

    Any ideas Worky?

  20. stu – Looks like tit-for-tat judging by comments on Ed’s blogs, even though there was no ‘tat’ originally (as far as I’m aware).

    Bit grim that worky gets grief for putting together a site which was for the benefit of those who would have had nowhere to go had Ed pulled the plug as planned. But there you go…..

  21. Moat is using his own money & that of the American backers to buy the club, he also needs Barclays permission to take over & reduce the overdraft for the forthcoming season, at which point, once he owns the club outright, he can look to bring in other investors or a partner who has plenty of money to spend, that way the club will grow!!

  22. Stuart79 says:
    August 25, 2009 at 7:44 am

    “Any ideas Worky?”

    Oh yes, Stuart. Nickname begins with “b”, ends with “y”, has two t’s in the middle. ;-)