Newcastle United have attracted interest from Singaporean entrepreneurs Terence Loh and Nelson Loh, who are reportedly preparing a bid to take over the Premier League side.
The Bellagraph Nova Group, which was co-founded by the Lohs, alongside Evangeline Shen, has confirmed that negotiations about a possible deal is currently taking place, according to Channel News Asia.
The Paris-based investment companies interest comes off the back of a failed attempt to purchase the club by the Saudi Arabian-backed consortium last month after the group was left frustrated by the Premier League’s independent arbitration offer as well as the length of time it was taking for the deal to conclude.
In a statement, the organisation set-out where they were in regards to negotiations in addition to confirming that they have recruited Newcastle United legend Alan Shearer and another former player Michael Chopra, to help in their bid for the club.
“Bellagraph Nova Group’s founders are at an advanced stage of negotiation having already provided a LOI (Letter of Intent) as well as a Proof of Funds on Aug 10,” the company said.
“BN (Bellagraph Nova) Group’s founders have declared their willing to massively contribute to the development of the club through their solid and international structure and a combined business/sport devoting mindset [sic].”
The Shields Gazette, a Newcastle based newspaper, has claimed that the interest has been put forward to current owner Mike Ashley’s lawyers and a non-refundable deposit of £250,000 will be paid imminently to access the club’s “data room”.
The Bellagraph Nova Group owns 31 entities across 100 countries and earned $12 billion in revenue in the last year, according to the businesses website.
The cousins merged their private equity company, Dorr Group, with Shen’s Bellagraph group to form the company that it is today.
If successful in acquiring the popular North-East club, it would not be the first sports venture for the Lohs who only recently sponsored the Singaporean driver, Yuey Tan for the 2018 Porsche Mobil 1 Supercup along with sponsoring the Singaporean Muay Thai team.
The Newcastle United take over saga looks far from over though, as according to Sky Sports News, Mike Ashley remains in contact with the PIF and its partners in an attempt to resurrect a deal to take over the club.
Author: Jake Wilkin