Toon owner saga takes new twist

Owner Mike Ashley has extended the deadline for parties interested in buying Newcastle until October 17.

There was speculation a deadline had been set for Tuesday for serious bidders to make formal approaches but it is now understood that they have been given another ten days to do so.

It is believed that eight groups have contacted investment bankers Seymour Pierce to register a firm interest in buying the club.

Owner Mike Ashley, who put Newcastle up for sale after the departure of former boss Kevin Keegan, is believed to want between £280m to £300m for the club after lowering his asking price last week.

A four-page 'teaser' document is understood to have been handed to interested parties, who have been asked to sign a confidentiality clause, outlining what is involved in buying the club.

An eight-man consortium of South Africans and a Nigerian group have both been heavily linked with taking control at St James' Park but extending the period of interest means the completion of any sale may not take place until the end of November.