Local Businessman Barry Moat Emerges As Front Runner For Newcastle United Takeover

Newcastle United have revealed that they harbour fresh hopes of finding a buyer to take over the club after local businessman Barry Moat expressed an interest in the North East outfit. The Fallen giants have recently had to face up to an uncertain future following their relegation from the English Premier League, owner Mike Ashley's ongoing indecision on selling the club and the seeming managerial merry-go-round that has dogged the club over the last 12 months. While doubts remain over the future of local hero Alan shearer's brief reign as manager of the Magpies, owner Ashley has recently made it clear that he is now desperate to offload the club following their relegation to the championship thus bringing an end to his turbulent period at the helm. Ashley was hoping to have a deal in place before the start of the new championship season which starts on Saturday, but it seems unlikely that in spite of renewed interest from Moat - who has previously invested his cash in the clubs youth system and academy facility - an imminent deal remains highly unlikely. It is understood that Ashley wants £100 million for the Magpies and is looking for a quick sale to recoup just a fraction of the overall funds he has already invested in buying the club and maintaining its Premier League transfer budget.