Three Singaporean entrepreneurs behind a Paris-based congolomerate are in “advanced” talks to buy English Premier League football club Newcastle United, the company said Monday, just weeks after a Saudi-backed bid was withdrawn.
Bellagraph Nova
Group, which operates across 100 countries in fields ranging from finance to
sport, healthcare and luxury goods, said it has given Newcastle a letter of
intent and proof it has funds for the purchase.
The company also
said it had “enlisted the help” of former England captain and Newcastle legend
Alan Shearer, along with fellow former player Michael Chopra.
The bid was
announced after a Saudi-backed consortium withdrew its offer to buy Newcastle
in late July, after months of waiting for Premier League approval.
“We are already
negotiating the term of our acquisition of Newcastle Football Club. We are at
the advanced stage of the purchasing,” a Bellagraph Nova Group spokesman told
AFP.
Bellagraph Nova
Group was co-founded by Singaporean cousins Nelson and Terence Loh and their
business partner Evangeline Shen in 2008.
The Lohs are former
investment bankers at JP Morgan, and are known to be keen sports fans who
sponsored Singaporean racing driver Yuey Tan as well as the national muay thai
team, the Straits Times newspaper said.
Singaporean
businessman Peter Lim already owns Spain’s six-time La Liga champions Valencia.
Bellagraph Nova
said it sent a letter of intent and “proof of funds” to Newcastle on August 10.
The company’s founders
“have declared their willingness to massively contribute to the development of
the club through their solid and international structure and a combined
business/sport devoting mindset”, it added.
Bellagraph Nova
Group said it oversees 31 business “entities” worldwide, with a group revenue
of $12 billion in 2019 and 23,000 employees.
In its proposal,
the company said it has “the necessary experience and resources to accelerate
Newcastle United’s growth and realise its full potential”.
The Saudi-backed
consortium, which included the Saudi Public Investment Fund (PIF), PCP Capital
Partners and billionaire brothers David and Simon Reuben, had reportedly struck
a £300 million ($391 million) deal to buy the club from unpopular owner
Mike Ashley in April.
The PIF, chaired by
Prince Mohammad bin Salman, had been set to take an 80 percent stake under the
proposed deal, which was criticised by human rights groups.
