Tyneside-based businessman Barry Moat is believed to have tabled a 'substantial formal offer' in the hope of completing a takeover of boyhood heroes Newcastle United.

The Times claims that Moat has been in discussions with the Magpies' much maligned owner, Mike Ashley, and is believed to have submitted an offer slightly less than the £100million asking price.

Talks between the pair are thought to focus on the structure of their arrangement, including the timing of payments, with sports retail magnate Ashley willing to pull the plug on the deal if his demands are not met.

Indeed, Ashley could chose to postpone any proposed sale until next summer and gamble on a return to the Premier League for the club, which would effectively double the club's value and help him to recoup more of the £250million he has invested.

The Magpies currently lead the Championship by four points after 11 games but a delay in selling would represent a major risk by the club's owner, with Middlesbrough and West Brom breathing down their necks for the league's two automatic promotion places.

Ashley has been aiming to sell the club over the past year after becoming a deeply unpopular figurehead in the North East following the sacking of Kevin Keegan, who won a £2million compensation battle with the club last week.

The Toon Army will be hoping that this does not prove to be another false dawn and that the 'Godfather' of the 'Cockney Mafia' finally walks away from their beloved club.