Tyneside businessman Barry Moat has been given an extension to allow him time to persuade Barclays Bank that he is able to service the club's existing £39million overdraft facility.
A statement released by the club read: "Newcastle United confirm that we have extended our deadline to Barry Moat to table an offer for the club.
"The extension is being granted in order to allow Barry Moat and his advisers to conclude funding arrangements with Barclays, current banker, for the continuation of last season's £39million facility.
"This would allow a formal offer to be tabled."
Moat now faces a race against the clock to come up with a financial package which will satisfy Barclays, who are going through difficulties themselves.
Moat is understood to be ready to install Alan Shearer as manager if his bid is successful, but Ashley's £100million asking price will not be lowered ... no matter how much the owner picks up selling players.
Ashley is understood to feel that Shearer is NOT the man for the job.