By Adedapo Adesanya
Following the decision of a Saudi Arabia led consortium to pull out of a deal to buy English Premier League club Newcastle last month, new buyers led a Singapore-backed company has advanced talks to take over the Magpies.
On Monday, Bellagraph Nova Group (BNG) Group announced that negotiations were at an advanced stage and that the group was willing to massively contribute to the club’s development.
“Bellagraph Nova Group’s founders (have) already provided an LOI (Letter of Intent) as well as a proof of funds on August 10.
“In addition to the engagement to the Newcastle Football Club and community, Bellagraph Nova Group enlisted the help of England captain Alan Shearer and former player Michael Chopra,” BNG said in a statement.
BNG, co-founded by Singapore-based investors Evangeline Shen, Nelson Loh and Terence Loh, owns 31 entities and earned about $12 billion in revenue last year, according to the company’s website.
The group added that the talks with the club owner, British businessman, Mr Mike Ashley, had taken place in recent days and were ongoing.
In July, Business Post reported that Saudi Arabia’s Public Investment Fund, PCP Capital Partners and the Reuben Brothers all withdrew their proposed takeover due to the impact of coronavirus.
The planned £300 million ($393 million) was largely delayed by the Premier League’s owners and directors test but the parties eventually pulled out.
Premier League chief executive, Mr Richard Masters, said last week that the group declined to take up the Premier League’s offer of independent arbitration to decide who would own the club.
The Saudi-backed bid was criticised by human rights campaigners, with questions also being raised about pirate broadcasts of Premier League games in the Middle Eastern country.
The football outfit ended the just-concluded Premier League season in 13th position and will be looking for a revamp as it has hopes to play European football, a feat it has not achieved since 2012/2013.
Dipo Olowookere