August 18 – In the latest twist and turn in the long-running Newcastle takeover saga, a Singapore-backed company Bellagraph Nova Group (BNG) has claimed it has opened ownership talks with the Tyneside club.
BNG, co-founded by Singapore-based investors Evangeline Shen, Nelson Loh and Terence Loh said in a statement that negotiations were at an advanced stage. To back up their claim, the Lohs said they would be willing “massively contribute” to the club’s development.
“Bellagraph Nova Group’s founders (have) already provided a LOI (Letter of Intent) as well as a proof of funds on August 10,” said a statement.
“In addition to the engagement to the Newcastle Football Club and community, Bellagraph Nova Group enlisted help of England captain Alan Shearer and former player Michael Chopra.” Shearer has denied he is involved with the group.
BNG owns 31 entities and last year earned about $12 billion, according to the company’s website.
The suitor from Singapore is the sixth group linked with a takeover of Newcastle United since the controversial Mike Ashley put the club on sale in 2017. Last month, a proposed £300 million Saudi-led takeover of the club collapsed after months of intrigue and speculation.
The group, which included Saudi Arabia’s sovereign wealth fund PIF, PCP Capital Partners and Reuben Brothers, walked away after prolonged scrutiny under the Premier League’s owners’ and directors’ test and it is understood PIF ran out of patience.
Last week, Premier League chief executive Richard Masters revealed that that the group declined to take up the Premier League’s offer of independent arbitration to decide who would own the club.
Contact the writer of this story, Samindra Kunti, at moc.l1735326760labto1735326760ofdlr1735326760owedi1735326760sni@o1735326760fni1735326760