Prospective Newcastle United's owners, the Bellagraph Nova Group (BNG), have taken a step forward in their takeover by providing a letter of intent and proof of funds - as well as seeking the backing of club legend Alan Shearer.
BNG, co-founded by Singaporean investors Evangeline Shen, Nelson Loh and Terence Loh and headquartered in Paris, emerged as a potential buyer for Newcastle following the collapse of the controversial Saudi-backed bid.
Sky Sports have reported that negotiations are at an 'advanced' stage, while BNG has provided a statement of their intentions to help develop the club on an off the pitch.
“Bellagraph Nova Group’s founders have provided a LOI (Letter of Intent), as well as a Proof of Funds which was given on 10 August." A BNG statement to Channel News Asia read.
"In addition to the engagement to the Newcastle United Football Club and community, Bellagraph Nova Group enlisted the 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 and sport devoting mindset."
The company earned $12bn (£9.154bn) in revenue last year, employs 23,000 people and owns 31 entities according to its website.
Newcastle fans have protested several times under the current owner Mike Ashley throughout his 13-year spell, with many unhappy at a perceived lack of investment and ambition that has resulted in two relegations from the top flight.
Last month the controversial Sports Direct owner was in talks over a £300m deal with a Saudi Arabian-backed consortium only for the deal to collapse after the buyers pulled out amid delays in the process.
The negotiations were delayed by the Premier League's owners and directors test with the league's chief executive, Richard Masters, saying last week that the group declined to take up the Premier League's offer of independent arbitration to determine who would actually be running the club.
Source : 90min