Rich, who owns three baseball teams in the States, now sponsors the club's shirts and plans to install a £30,000 electronic scoreboard at the club's home ground.
“I haven't made any promises,” he told local paper The Journal with regards to the amounts of money he plans to plough into the club. “Having said that, I would love to see them do well and let them challenge me to increase our participation.”
The 69-year-old was bought the title of Lord of Bedlington by his wife and soon became interested in the local football side. With an estimated fortune of $2 billion, Rich is chairman of the Rich Products Corporation, specialising in baked goods, desserts, barbecued meats, and Italian cuisine.
Northumberland club Bedlington currently plays its football in the ninth-tier of English football.
