English Premier League club Newcastle United has turned to Singapore-backed Bellagraph Nova Group (BNG) group as they search for investors following the withdrawal of the Saudi-led consortium.
A BNG statement said that negotiations were at an advanced stage and that the group was willing to “massively contribute” to the club’s development.
BNG was co-founded by Singapore-based investors Evangeline Shen, Nelson Loh and Terence Loh, and headquartered in Paris.
“Bellagraph Nova Group’s founders (have) already provided an LOI (Letter of Intent) as well as a proof of funds on Aug. 10,” BNG said.
“In addition to the engagement to the Newcastle Football Club and community, Bellagraph Nova Group enlisted the help of England captain Alan Shearer and former player Michael Chopra.”
BNG owns 31 entities and earned about $12 billion in revenue last year, according to the company’s website.
Newcastle are searching for a new investor after the 300 million pound ($393 million) takeover by a Saudi Arabian-backed consortium collapsed last month after the group announced it was ending interest in the deal.