North-West-based businessman Geoff Sheard has emerged as a possible buyer for Newcastle.

The Magpies today confirmed they were in talks with Sheard through Seymour Pierce chairman Keith Harris a day after handing Tyneside businessman Barry Moat further time to put in place the financial arrangements to table his own formal offer.

However, the latest potential bidder, who failed in his efforts to buy Sheffield Wednesday last season and has previously been linked with Newcastle, is yet to prove he has the funds available to launch a takeover attempt.

Managing director Derek Llambias said: "Geoff is dealing with Keith Harris and we are still waiting for proof of funds."

It is understood current owner Mike Ashley will finally make a decision on whether to sell or remain at the helm himself by the end of this week, although a series of informal deadlines have passed already this summer.

But unless someone comes up with the £100million Ashley wants for the club, and can service its £39million overdraft facility, the odds on him remaining in place are short.

A series of interested parties have entered into discussions with the club since it was put on the market for the second time in May, and at least two, as well as Moat, remain actively engaged in the process.

Whether Sheard, who is understood to have backing from the United States and would also be keen to appoint Alan Shearer as manager, is among them, is unknown.

However, what is certain is that time is fast running down before crucial decision have to be taken if the Magpies are to draw a line under yet another depressing saga.

On the pitch, the club heads into tomorrow night's Carling Cup second round clash with Huddersfield having collected 10 points from a possible 12 to sit joint top of the Coca-Cola Championship.

Off it, the continuing uncertainty means caretaker boss Chris Hughton has seen 10 players depart and only one - loan signing Danny Simpson - arrive.

But despite the uncertainty, Hughton insists he and the players will simply get on with their jobs, as they have done since returning for pre-season.

He said: "Probably from the first day of pre-season, I have been convinced by the end of that week that a decision would be made, and of course what has happened is that that's gone on and on.

"A decision will be made at some stage. What has been quoted this week is that they will give Barry Moat that extra time he needs, and that's all we can work off.

"If something happens, that would be beneficial for everybody, but until it does, we will get on with the business here."

The summer transfer window closes at 5pm next Tuesday and any new owner - or indeed, Ashley - would then have little time to do business.

Sales so far have brought in around £25million and slashed the wage bill from £74million to £45million, although speculation continues to link Steven Taylor with Everton and Argentinian duo Jonas Gutierrez and Fabricio Coloccini with a series of potential suitors.

But Hughton insists he has not been informed of any bid for Taylor or anyone else to date, and is hopeful he can keep what he already has and strengthen it.

He said: "Probably from the first day of pre-season, I have been convinced by the end of that week that a decision would be made, and of course what has happened is that that's gone on and on.

"A decision will be made at some stage. What has been quoted this week is that they will give Barry Moat that extra time he needs, and that's all we can work off.

"If something happens, that would be beneficial for everybody, but until it does, we will get on with the business here."