SOCCER NEWS:THE ODDS of Barry Moat buying out Mike Ashley and spearheading a takeover at Newcastle United are said to be around 60-40. Moat, a Tyneside businessman in his early 40s who chaired Alan Shearer's testimonial committee, is understood to be backed by heavyweight investment from the US.

Freddy Shepherd, the former Newcastle chairman, is thought not to be involved, although he and Moat are believed to be good friends.

Moat has been secretly negotiating with Ashley and Seymour Pierce, the London investment bank brokering the sale, for several weeks, completing exhaustive due diligence on the Championship club.

“There have been talks but it’s a case of putting the money on the table,” a Newcastle source said.

Even so, a final price has not been agreed and, according to sources, some “important detail” needs to be ironed out. If a deal is going to happen it will be by the end of the weekend and should Moat’s bid fall through, Ashley is likely to be left in charge of Newcastle for another season.

It is thought another potential bidder, almost certainly from the Middle East, is no longer keen to proceed. Sources close to the sale emphatically deny the sudden emergence of Moat’s name is an attempt to flush out a buyer or put pressure on other parties who have developed cold feet.

Those close to the deal know Moat and his backers have deliberated long and hard about buying Newcastle. Indeed, although there is quiet optimism of a successful outcome, they also accept there is still “a real risk” of Moat and his underwriters walking away.

Newcastle’s gargantuan wage bill is said to remain “a big issue” and the club’s price – Ashley is believed to still want €117 million – will be dependent on how many players the club can sell before the weekend. It is thought two could leave today. Sebastien Bassong is likely to have a medical at Tottenham Hotspur for a mooted €12 million transfer, while Habib Beye could be on his way to Aston Villa.

Moat is intensely private and had insisted his identity must be a secret during the negotiations. He has maintained his name must not be made public until any agreement is concluded and there was a tacit understanding he could walk away if it came out.

Moat, who would want to reappoint Shearer as manager, is also worried too many of the club’s squad appear unsuited to Championship football and that an instant return to the Premier League may be beyond the club. As a box holder at St James’ Park – where he used to socialise with Ashley – he has witnessed the team’s travails at first hand but, as a businessman, he must decide whether he and his backers can bear the cost of two or more seasons in the Championship. It is too early for the unspecified amount Moat invested in the club’s academy, at Ashley’s instigation, to bear fruit.

Moat is involved in property development and has a company in Newcastle. He is also the director of telecoms companies offering cheap internet-based calls. Guardian Service