Singapore-backed company Bellagraph Nova Group Sets to Takeover Newcastle United

Spread the love

Singapore-backed Bellagraph Nova Group (BNG) is reportedly in talks with Mike Ashley, the owner of Premier League club Newcastle United for a possible takeover of the club. The group issued a statement to claim that the company has submitted a letter of intent to the club on August 10, 2020.

This report is coming less than a man after Saudi Arabia‘s Public Investment Fund (PIF) and its other partners bowed out of the proposed takeover of the club after about five months of negotiations. Saudi Arabia backed consortium said in a statement that they decided to bow out because of the cumbersome process of the takeover and the coronavirus pandemic that has changed the economic climate across the world.

However, the chief executive of the Premier League, Richard Masters, said recently that the proposed takeover of Newcastle United by Saudi Arabia backed consortium failed because the consortium failed to accept the Premier League’s offer of independent arbitration. This was meant to help the consortium to decide who would own the club after the takeover.

Though the deal has failed for over a month, the owner of Newcastle United who has been under pressure from the fans of the club since Saudi Arabia backed consortium abandoned the takeover process, is reportedly trying to convince the consortium to return to the negotiation table.

Amid the whole takeover saga involving the Saudi Arabia Backed Consortium, Mike Ashley, the Premier League, Humans Right campaigners, and the fans of the club, BNG said is ready to invest in the club. However, the statement of the group didn’t state whether the company is ready to spend as much as £300 million Saudi Arabia backed consortium was ready to pay to Ashley before the deal collapsed.

A statement from BNG read: “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.”

The possible new owners of Newcastle United

Owner of Newcastle United Mike Ashley
Owner of Newcastle United Mike Ashley

If the statement from Bellagraph Nova Group (BNG) is anything to go by, Newcastle will soon be owned by a Singapore-backed company that made about $12 billion in revenue from its chain of companies in 2019 alone.

The company which headquarters is located in Paris, France, was founded by two Singapore-based investors, Nelson Loh and Terence Loh.

As of the time of publishing this report, Newcastle United, Mike Ashley nor the Premier League was yet to confirm whether the purported takeover process announced by the Singapore-backed company is anything to go by.