Harris Hopes to Find Newcastle Buyer By End of November

Keith Harris, the man tasked with the responsibility of finding a buyer for Newcastle United, has imposed no deadlines on potential purchasers but hopes that a deal will be well under way by late November.

"We don't have, and never have had, any deadlines by which time bids must be submitted but we do have a 'hopeline' for the sale of Newcastle," said Harris yesterday. "Our wish is that something can be in place before November ends which would give the new owner time to appoint a manager and be in a position to make new signings when the January transfer window opens."

As the chairman of Seymour Pierce, the investment bank, Harris boasts a convincing record when it comes to brokering changes of ownership at Premier League clubs but, nonetheless, selling Newcastle amid the current global economic turmoil is proving a challenge.

"Things are very choppy in the financial world at the moment," admitted Harris, who was given the job of selling the club by Mike Ashley, Newcastle's owner, after the Sports Direct owner failed to find a buyer himself.

Joe Kinnear, Newcastle's interim manager, last week claimed that six consortiums were interested in the club and that all bids had to be in by this Friday but it appears his information was inaccurate.

Even if an offer were accepted in principle this week it would, realistically, be mid-November at the earliest before a sale could be regarded as close to completion. Once Ashley agrees a price, Seymour Pierce must confirm the prospective purchaser possesses the necessary funds and that its money is "clean". Meanwhile the would-be new owner is almost certain to want to perform due diligence on the club's finances, a process which could take up to a month.

Should Christmas arrive with Newcastle still on Ashley's hands, the current owner may be faced with a choice of investing in the transfer market or contemplating a potential relegation fight. Ashley has previously insisted that he will not spend any more money on players if the club is not offloaded by January but could be forced to alter that stance.

Kinnear is well aware that Newcastle's squad remains thin and has scoured lists of free agents. So far none has appealed and it seems unlikely that there will be any new arrivals at St James' Park during the remainder of 2008.