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SINGAPORE — A trio of investors, including local entrepreneurs Nelson Loh and Terence Loh, said they are at an “advanced stage” of negotiations for the purchase of English Premier League club Newcastle United.
In response to queries from CNA, the Bellagraph Nova Group, which was co-founded by the Loh cousins and Ms Evangeline Shen, confirmed on Saturday (Aug 15) that it is negotiating the acquisition of the club.
“Bellagraph Nova Group’s founders are at an advanced stage of negotiation having already provided an LOI (Letter of Intent) as well as a Proof of Funds on Aug 10,” said the statement from the Paris-based group.
“In addition to the engagement to the Newcastle Football Club and community (sic), Bellagraph Nova Group enlisted (the) help of England captain Alan Shearer and former player Michael Chopra,” it added.
“BN (Bellagraph Nova) Group’s founders have declared their willing (sic) to massively contribute to the development of the club through their solid and international structure and a combined business/sport devoting mindset (sic).”
According to the group’s website, it has 31 entitles and generated revenue of US$12 billion (S$16.5 billion) in 2019.
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It has a presence in "all major business fields", from financial to sport, healthcare and luxury goods, entertainment and robotics, the group said in its reply to CNA.
The Bellagraph Nova Group was formed after a merger between private investment company DORR Group and Ms Shen's Bellagraph Group, a luxury and consumer lifestyle firm, in June.
The Loh cousins were the founders of DORR Group as well as Singapore-based Novena Global Lifecare, a healthcare and wellness group.
They sponsor the Singapore national Muay Thai team, according to Nelson Loh's LinkedIn profile, as well as local race car driver Yuey Tan.
Last month, a proposed Saudi takeover of Newcastle United collapsed after a consortium which included Saudi Arabia's sovereign wealth fund PIF pulled out.
The consortium blamed the prolonged scrutiny process and global uncertainty linked to the Covid-19 pandemic for their decision to withdraw from the deal.
Earlier this week, the league's chief executive Richard Masters said that the proposed takeover had collapsed after the group declined to take up the Premier League's offer of independent arbitration to decide who would own the club. CNA
https://www.todayonline.com/singapo...oup-advanced-stage-negotiations-buy-newcastle
