Exclusive: Far East investors Terence and Nelson Loh hold talks over Newcastle United takeover bid

Far East businessmen Terence Loh and Nelson Loh are readying a counter bid to take over at Newcastle United - but Mike Ashley STILL hopes to push through a deal with the Saudi consortium.

We can reveal the founders of private equity firm DORR Group have held talks, via a broker, with the United hierarchy.

The Singapore entrepreneurs are hoping to take advantage of the end of exclusivity between PCP Capital Partners, Reuben Brothers and Public Investment Fund of Saudi Arabia after their £300 million takeover hit the buffers.

Meetings, meanwhile, have taken place with the Lohs and Far East investors in Asia and Europe, and talks have progressed quickly with a deal readied in less than three weeks.

Far East investors Terence and Nelson Loh have held talks over Newcastle United takeover bid

It is not known whether the Lohs, business partners and cousins, will take the next step to bid, but their interest is genuine.

The duo manage more than $5billion in a variety of industries, including technology, new media and healthcare, through DORR Group, which they formed after leaving their job as investment bankers at JP Morgan.

They are both keen sports fans, and have taken an active interest in motorsport. They founded the Dorr McElrea Racing Team in 2012 and have also sponsored a number of high-profile motorsport professionals and races, as well as St Michael's Soccer Association in Singapore.

Meanwhile, the reported Henry Mauriss bid is yet to materialise, despite claims the Clear TV CEO was set to stump up £350 million if the Premier League owners and directors test went against the Saudis.

Ashley, and the three buyers, still want Premier League approval for the PCP-arranged deal.

The Premier League broke its silence regarding the Saudi-led takeover on Friday afternoon, where CEO Masters insisted PIF later withdrew their takeover bid after refusing an independent arbitral tribunal.

Staveley’s camp say the arbitration is an appeals process, not a decision-making one and insist the terms were unclear because there was no ruling to appeal.