Discussions between Newcastle and BNG continue to take place and appear to be at an advanced stage.
Newcastle United and Singapore Company in Talks Over Takeover
BNG, led by investors Evangeline Shen, Nelson Loh and Terence Loh, released a statement today regarding the takeover.
The statement said: “Bellagraph Nova Group’s founders already provided an LOI (Letter of Intent) as well as a proof of funds on Aug 10.
BNG also explained how talks with the current owner, Mike Ashley, continue to take place.
The company reportedly earned an estimated $12 billion (£9.154 billion) in revenue last year, according to the company’s website.
Hope for Newcastle
A deal with BNG comes after a proposed £300 million takeover from a Saudi Arabian backed consortium fell through last month.
The Saudi Arabia Public Investment Fund (PIF) reportedly walked away from a potential deal. This followed lengthy discussions between Newcastle, the Premier League and the consortium. They were critical of the “prolonged process” of negotiations.
Mike Ashley seemingly wanted to continue discussions with PIF to sell. However, BNG’s recent interest in buying the club renews hope that a deal can be reached.
Premier League CEO Richard Masters addressed the breakdown in previous discussions. He outlined the importance of the club to the fans and the city.
Masters said in his letter to Newcastle Central MP, Chi Onwurah, addressing the failed takeover by PIF: “I fully appreciate that the issue of a potential change in the ownership of Newcastle United Football Club (NUFC) is of great importance to you. As the MP for the area and as a fan, as it is to NUFC’s entire fanbase.”
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