BNG group say they're willing to massively contribute to the club's development.

The Newcastle United stadium can be seen in this March 14, 2020 photo in Newcastle, Britain.
The Newcastle United stadium can be seen in this March 14, 2020 photo in Newcastle, Britain. (Reuters)

English Premier League club Newcastle United is in talks with the Bellagraph Nova Group (BNG) group over a possible takeover bid.

BNG, co-founded by Singapore-based investors Evangeline Shen, Nelson Loh and Terence Loh, and headquartered in Paris, said on Monday that negotiations were at an advanced stage and that the group was willing to "massively contribute" to the club's development.

"Bellagraph Nova Group's founders (have) already provided a LOI (Letter of Intent) as well as a proof of funds on August10," BNG said.

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

The group added that the talks with United owner and British businessman Mike Ashley had taken place in recent days and were ongoing.

United's $393 million 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.

Chief opens up on failed takeover

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.

"In June, the Premier League board made a clear determination as to which entities it believed would have control over the club following the proposed acquisition, in accordance with the Premier League rules," Masters wrote in a letter published on Friday.

"Subsequently, the Premier League then asked each such person or entity to provide the Premier League with additional information, which would then have been used to consider the assessment of any possible disqualifying events.

"In this matter, the consortium disagreed with the Premier League's determination that one entity would fall within the criteria requiring the provision of this information.

"The Premier League recognised this dispute, and offered the consortium the ability to have the matter determined by an independent arbitral tribunal if it wished to challenge the conclusion of the board.

"The consortium chose not to take up that offer, but nor did it procure the provision of the additional information. Later, it (or PIF specifically) voluntarily withdrew from the process."

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.

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Source: TRTWorld and agencies