{"id":562317,"date":"2020-08-17T05:04:56","date_gmt":"2020-08-17T09:04:56","guid":{"rendered":"https:\/\/lastwordonfootball.com\/?p=562317"},"modified":"2020-08-17T05:04:56","modified_gmt":"2020-08-17T09:04:56","slug":"newcastle-united-and-singapore-company-in-talks-over-club-takeover","status":"publish","type":"post","link":"https:\/\/lastwordonsports.com\/football\/2020\/08\/17\/newcastle-united-and-singapore-company-in-talks-over-club-takeover\/","title":{"rendered":"Newcastle United and Singapore Company in Talks Over Club Takeover"},"content":{"rendered":"

Talks between Newcastle United<\/a> and a Singapore-based company, Bellagraph Nova Group (BNG), took place concerning the possible takeover of the club,\u00a0Sky Sports reported today.<\/a><\/p>\n

Discussions between Newcastle and BNG continue to take place and appear to be at an advanced stage<\/a>.<\/p>\n

Newcastle United and Singapore Company in Talks Over Takeover<\/h2>\n

BNG Statement<\/h3>\n

BNG, led by investors Evangeline Shen, Nelson Loh and Terence Loh, released a statement today regarding the takeover.<\/p>\n

The statement said<\/a>: “Bellagraph Nova Group’s founders already provided an LOI (Letter of Intent) as well as a proof of funds on Aug 10.<\/p>\n

“In addition to the engagement to the Newcastle Football Club and community, Bellagraph Nova Group enlisted the help of England\u00a0captain Alan Shearer<\/a> and former player Michael Chopra<\/a>.”<\/p>\n

BNG also explained how talks with the current owner, Mike Ashley, continue to take place.<\/p>\n

The company reportedly earned an estimated $12 billion (\u00a39.154 billion) in revenue last year, according to the company’s website.<\/p>\n

Hope for Newcastle<\/h3>\n

A deal with BNG comes after a proposed \u00a3300 million takeover from a Saudi Arabian backed consortium fell through last month<\/a>.<\/p>\n

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”<\/a> of negotiations.<\/p>\n

Mike Ashley seemingly wanted to continue discussions with PIF to sell<\/a>. However, BNG’s recent interest in buying the club renews hope that a deal can be reached.<\/p>\n

Premier League CEO Richard Masters addressed the breakdown in previous discussions. He outlined the importance of the club to the fans and the city.<\/p>\n

Masters said in his letter to Newcastle Central MP, Chi Onwurah, addressing the failed takeover<\/a> 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.”<\/p>\n

 <\/p>\n

Main Photo
\nEmbed from Getty Images<\/a>