Venky's, the Indian poultry giants, yesterday completed a £23m takeover of Blackburn Rovers.
"We are very pleased to be passing on the Rovers to the Rao family," said Paul Egerton-Vernon, chairman of the Jack Walker Settlement Trustees. "We have been impressed with their enthusiasm for the club and their plans and ideas for future investment to develop it further as well as their commitment to preserve the legacy of Jack Walker."
Egerton-Vernon added that Venky's would keep the club's current management team in place, led by chairman John Williams. Venky's set only modest targets during the takeover process, but sounded more ambitious yesterday.
"We are committed to creating a long-term financial platform which the club can use to realise its obvious potential on and off the field," said Venkateshwara Rao, Venky's joint managing director.
"It is as a team that this club has succeeded in the past and it is as a team that this club will achieve great things in the future."