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after a Saudi-backed bid was withdrawn.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.
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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.
AFP