Italian luxury brand Bulgari is the latest entity that have refuted claims that it has any connection to the Bellagraph Nova (BN) Group looking to take over from the current owner of Newcastle United Mike Ashley, according to the Straits Times.
Indeed, the consortium, which was co-founded by the businesswoman Evangeline Shen and Singaporean cousins Nelson and Terence Loh, have reportedly made a £280 million bid to the chief executive of Sports Direct to take over at St. James’ Park, which was also brought to the table by the former Magpies striker Michael Chopra.
Will the BN Group be successful in their Newcastle takeover bid?
However, the group have offered less than the £300 million that the original Kingdom of Saudi Arabian (KSA) consortium had put forward to take over in the North East.
The Saudi-led group decided to officially withdraw themselves from the takeover process after growing too frustrated with just how long it was taking for the Premier League and its CEO Richard Masters to make their final decision as to whether to approve of the proposed takeover or not.
It looks like that deal is dead in the water for now given that the new 2020/21 season is just around the corner added to the fact that the summer transfer window has officially opened.
The BN Group have been looking to pounce on this collapse with their own bid, but Bulgari have refuted claims that they have any sort of connection whatsoever amid the takeover speculation.
The bid does not seem to have progressed very far up until this point in time, which would represent a blow to the hopes of NUFC fans looking for their beloved club to be taken over after years of being at loggerheads with Ashley.
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