Bellagraph Nova Group claims to be in «advanced talks» to buy Premier League side Newcastle United Football Club.
BNG co-founders, Singaporean cousins and former J.P. Morgan investment bankers Terence Loh and Nelson Loh, have held talks via a broker with club owner, British billionaire retail entrepreneur Mike Ashley, BNG said in a statement on Friday, «Reuters» reported.
According to the statement, BNG provided a Letter of Intent as well as proof of funds on August 10. The company also said it is prepared to «massively contribute» to the club's development.
Paris-based BNG currently employs 23,000 people globally, and reported sales of $12 billion across its 31 entities in 2019. The company was formed in June 2020 with the merger of Bellagraph, founded by lawyer and former Morgan Stanley investment banker Evangeline Shen in 2008, and DORR Group, founded by the Loh cousins in 2010.
Long History
Newcastle FC, which is based in Newcastle-upon-Tyne, was founded in 1892. In the 2019-2020 season, the club finished 13th in the Premier League – the top flight of the English football league, of which it has been a member for all but three seasons of the competition's history.
In April 2020, it was reported that a group led by the Public Investment Fund of Saudi Arabia was finalizing an offer to acquire an 80-percent stake in the club for £300 million. The bid fell through after concerns were raised over the kingdom's human rights record and wide-scale piracy of sports broadcasts in the region, «ESPN» reported.
Ashley purchased the club in 2007 for a total of £134 million ($176 million). His reign as chairman has been met with a barrage of criticism, in particular due to the lack of investment on the pitch, in the academy and at the training ground.
