Newcastle United Held Another Fresh Talk with another Investor after Saudi backed Consortium bid Collapsed

By Edikan Akpan - Premier League side Newcastle United held new talks with an investor group about a possible takeover bid for the club, British and Singapore media have reported.

Headquarter in Paris, Bellagraph Nova Group, co-founded by Singapore-based investors Nelson Loh, Terence Loh and Evangeline Shen told local media that negotiations were at an advanced stage.

"Bellagraph Nova Group's founders already provided a LOI [Letter of Intent] as well as a Proof of Funds on 10 August," Bellagraph Nova Group BNG said in a statement to Channel News Asia.

"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.

"BNG's founders have declared their willingness to massively contribute to the development of the club through their solid and international structure and a combined business/sport devoting mindset."

BNG owns 31 entities and earned about $12bn in revenue last year, according to the company's website.

United's £300m ($393m) takeover by a Saudi Arabian-backed consortium collapsed last month after the group announced it was ending interest in the deal, which was delayed by the Premier League's owners and directors test.

Premier League chief executive Richard Masters said last week that the group, which included Saudi Arabia's sovereign wealth fund PIF, declined to take up the Premier League's offer of independent arbitration to decide who would own the club.

The Saudi-backed bid was criticised by human rights campaigners, with questions also being raised about pirate broadcasts of Premier League games in the Middle Eastern country.