Newcastle are in talks over another proposed takeover with Singapore-based company, Bellagraph Nova Group, expressing interest in purchasing the Premier League side.
The future of the Magpies has been uncertain for several months with a proposal from a Saudi-backed consortium – a group including Saudi Arabia’s Public Investment Fund (PIF), PCP Capital Partners and Reuben Brothers – having collapsed amid intense scrutiny by the Premier League and their owners’ and directors’ test.
According to Reuters, however, Newcastle’s controversial owner Mike Ashley is now in talks with Singapore’s BNG, the company having confirmed in a statement that they have submitted a proof of funds and enlisted the help of former Magpies players Alan Shearer and Michael Chopra in their bid to take control at St James’ Park.
“Bellagraph Nova Group’s founders (have) already provided a LOI (Letter of Intent) as well as a proof of funds on Aug. 10,” BNG said in a statement.
“In addition to the engagement to the Newcastle Football Club and community, Bellagraph Nova Group enlisted help of England captain Alan Shearer and former player Michael Chopra.”
The report suggests that the investors would be willing to ‘massively contribute’ to the development of Newcastle in the coming seasons, BNG having earned around $12billion in revenue last year.
Newcastle’s previously proposed takeover stalled as the Premier League sought clarity over which entities of the Saudi-backed bid would take control, the consortium ultimately withdrawing their interest after rejecting the Premier League’s offer of arbitration to ultimately determine who would own the club.
The £300m deal also received widespread and strong opposition amid concerns over Saudi Arabia’s human rights record and attempts at sportwashing, whilst there was also concern expressed over the illegal streaming of major sporting events by the nation, including England’s top tier and Spain’s La Liga.
Newcastle fans will now hope that the latest interest in their beloved club will finally signal the end of Mike Ashley’s ownership at St. James’ Park.
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