Tuesday , March 21 2023

Singapore Group in talks to takeover Newcastle United

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Singapore-backed company Bellagraph Nova Group (BNG) claims it has held talks with Newcastle over the possible takeover of the club.

BNG, co-founded by Singapore-based investors Evangeline Shen, Nelson Loh and Terence Loh, and headquartered in Paris, said that negotiations were at an advanced stage and that the group was willing to “massively contribute” to the club’s development.

A statement from BNG read: “Bellagraph Nova Group’s founders (have) already provided a LOI (Letter of Intent) as well as a proof of funds on August 10.

Mike Ashley has owned Newcastle United since 2007

Mike Ashley has owned Newcastle United since 2007

“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.”

BNG owns 31 entities and earned about $12bn (£9.154bn) in revenue last year, according to the company’s website.

The group added that the talks with Newcastle owner Mike Ashley had taken place in recent days and were ongoing.

Newcastle’s £300m takeover by a Saudi Arabian-backed consortium collapsed last month after the group announced it was ending interest in the deal, which was delayed by the Premier League’s owners and directors test.

Alan Shearer played for Newcastle for 10 years before retiring in 2006

Alan Shearer played for Newcastle for 10 years before retiring in 2006

Premier League chief executive Richard Masters said last week that the group, which included Saudi Arabia’s Public Investment Fund (PIF), declined to take up the Premier League’s offer of independent arbitration to decide who would own the club.

However, Sky Sports News has been told that Ashley is still in communication with the PIF and its partners and is attempting to resurrect the takeover.

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.

About Charles Igbinidu

Charles Igbinidu is a Public Relations practitioner in Lagos, Nigeria

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