Newcastle United: Scandal-hit firm 'still trying to close deal' to buy club

Bellagraph Nova Group accused of doctoring photos of its owners meeting with former US President Barack Obama

Newcastle United owner Mike Ashley, right, alongside managing director Lee Charnley in 2014. Getty

Newcastle fans protest against the owners during the Premier League match against Hull City at St James' Park on September 13, 2008, days after manager Kevin Keegan had walked out on the club. Getty

Newcastle United fans protest against Mike Ashley prior to the Premier League match between Newcastle United and Leicester City at St James' Park on September 29, 2018. Getty

Mike Ashley during a Championship match between Barnsley and Newcastle United at Oakwell on December 12, 2009. Getty

Mike Ashley and Lee Charnley at St James' Park in 2017. Getty

Newcastle United owner Mike Ashley ahead of the Premier League game between Southampton and Newcastle at St Mary's Stadium on September 13, 2014. Getty

Mike Ashley celebrates a Newcastle goal against Aston Villa in the away end at Villa Park on February 9, 2008.

Newcastle United owner Mike Ashley in 2009. PA

A Newcastle fan protests against owner Mike Ashley during the Premier League match between Leicester City and Newcastle United at the King Power Stadium on May 2, 2015. Getty

Newcastle United owner Mike Ashley. PA

Newcastle United supporters are desperate to see the back of current owner Mike Ashley. Getty

Newcastle fans protest against Mike Ashley's company, Sports Direct. Reuters

A scandal-hit firm accused of doctoring photos of its owners meeting with Barack Obama insist it is still seeking to buy Premier League club Newcastle United.

Bellagraph Nova Group, founded by two Singaporean entrepreneurs and a Chinese business partner, announced in August it was in "advanced talks" to buy the English team.

Both parties have had little to say on any advance talks since the group's bid was made public, which has become mired in controversy over allegations photos had been doctored to show the trio meeting with the former US president.

It has blamed "errant individuals" for the manipulated pictures of President Obama.

Police are also investigating a company linked to the Singaporean co-founders, cousins Terence and Nelson Loh, after an accounting firm lodged a report over unauthorised signatures on the group's financial statements.

Regulators have also announced investigations into several firms linked to the Loh cousins.

Evangeline Shen, the firm's Chinese co-founder, told the BBC that despite the negative headlines, it was still pushing ahead with its bid, reported to be worth $360 million.

"We are always in contact and we are still very aggressive on trying to close the deal," she said, adding the company's team recently met a representative of Newcastle's owner, Mike Ashley.

"We started real planning for the club such as whom to hire as trainer and whom to sign for players," she added.

BN Group's bid came after a Saudi Arabia-backed consortium, which included the Saudi Public Investment Fund, PCP Capital Partners and billionaire brothers David and Simon Reuben, had reportedly struck a £300 million ($391 million) deal to buy the club in April.

The Saudi fund, chaired by Crown Prince Mohammad bin Salman, had been set to take an 80 per cent stake under the proposed deal before the bid was withdrawn, after months of waiting for Premier League approval.

Bellagraph Nova Group said it oversees 31 businesses worldwide, with 23,000 employees and a group revenue of $12 billion in 2019.

In its proposal, the company said it has "the necessary experience and resources to accelerate Newcastle United's growth and realise its full potential".

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