Blackburn Rovers could be the latest Premier League club to fall
into the hands of foreign owners, as Indian entrepreneur Ahasan Ali
Syed has reportedly launched a £300 million bid to takeover the
former Premier League champions.
Syed is the head of Bahrain-Swiss based investment firm Western
Gulf Advisory and has singled out Blackburn because of the club's
potential for growth, according to a report in the
Telegraph on Wednesday.
Blackburn won the Premier League in 1994-95 thanks to huge
financial backing from Jack Walker, their much-loved former owner
who died in 2000.
And while the Walker estate has continued to retain control over
the club, funds have recently been drying up and chairman John
Williams has been actively seeking a buyer for the club for the
past two years.
Williams revealed on Wednesday: "There have been a number of
interested parties for some time and discussions are ongoing.''
Syed may well fit the bill and has reportedly made a formal
approach to the club's financial advisers, Rothschild, offering to
buy the club, pay off their outstanding debt and invest in the
team.
Originally from Hyderabad, Syed can trace his wealth back to the
East India Company and is planning on using family funds channelled
through Western Gulf Advisory (WGA) - believed to have assets close
to £8 billion - to finance a takeover at Blackburn.
A sale could be completed as early a September, with Syed
confident that he can transform Rovers from Premier League
mediocrity into potential title challengers again.
WGA have a non-disclosure agreement about the talks but a
company spokeswoman told The Sport Briefing: "I can
confirm that we made a formal approach to buy Blackburn
Rovers.''
He would start by clearing the debts of around £20 million, and
around £300 million would then be available to improve the club's
infrastructure in the long-term, as well as providing a sizeable
transfer kitty to manager Sam Allardyce.
But Syed's approach is likely to be more considered than that of
Manchester City's Abu Shabi owners, with the Indian entrepreneur
not looking to immediately splash the cash on superstars, but build
up a team capable of competing for top honours in the future.