Failed Newcastle United takeover backer 'declared bankrupt'

One of the backers of a failed Newcastle United takeover has been declared bankrupt, according to a report in Singapore.

Saturday, 10th July 2021, 9:00 am
Terence Loh and Nelson Loh with Evangeline Shen.

The Bellagraph Nova Group, co-founded by Evangeline Shen and cousins Nelson and Terence Loh, launched a public bid for the club last summer.

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Shen said last August: "Bidding for Newcastle is part of our strategy, because it's a well-known football club, but still has room to improve, and we believe that improvement is good for the club as well as for our brand. We started real planning for the club such as whom to hire as trainer and whom to sign for players.”

However, the bid, which came after Saudi Arabia’s Public Investment Fund withdrew from a proposed £300million deal, quickly unravelled.

Nelson Loh fled Singapore last summer leaving what was described as a “terrible mess”. He was made bankrupt in January, and the Straits Times report that Terence Loh has also now been made bankrupt with debts of more than £37million.