Barry Moat has been looking for additional financial backing to reach the £100m asking price, but has so far failed to raise it in full.
With Mike Ashley’s patience running out, the deal is hanging by the slenderest of threads with a source close to Shearer insisting last night that Moat will either be “in our out in the next five days.”
The source added: “Alan Shearer is worried about the recent news because it looks like Ashley (pictured right) will take the club off the market and appoint his own manager. He has been told Joe will be appointed next week if Moat cannot do something about it.
“When he talked to Barry Moat he was told they are still negotiating with the banks but time is running out. Moat has said he will either be in or out in the next five days.”