Wealthy Indian promises £300m after proposed Rovers buy-out
Thursday 05 August 2010
The Blackburn Rovers chairman, John Williams, says a number of parties have expressed interest in buying the club, with a company run by the wealthy Indian businessman Ahasan Ali Syed yesterday confirming a formal approach. Rovers will want definite proof of investment plans before they agree to any takeover.
The Jack Walker Trustees will consider selling the club but only if future investment can be guaranteed – Syed is reported to be promising to clear the club's £20m debt and invest £300m to sustain Rovers over a long period of time.
Syed's investment company Western Gulf Advisory (WGA) made a formal approach to Blackburn's advisers at investment bank Rothschild. WGA have a non-disclosure agreement about the talks but a company spokeswoman said: "I can confirm that we made a formal approach to buy Blackburn Rovers."
Williams said: "There have been a number of interested parties for some time and discussions are ongoing."
WGA are based in Bahrain and Switzerland and 36-year-old Syed is a lawyer who studied at the London School of Economics.
A number of consortiums have contacted the Jack Walker Trustees over the last three years, including one fronted by ex-JJB Sports chief Chris Ronnie and another based in Iceland. In June another Indian entrepreneur, Saurin Shah, was reported as being prepared to bid for the club but a deal has never come close to being done.
Blackburn yesterday announced a new long-term contract with Steven Nzonzi, the highly-regarded young French midfielder who made a big impact last season. The 21-year-old was the club's player of the year in his first season and has signed a five-year deal which will keep him at Ewood Park until 2015.
Williams said: "We are delighted to secure Steven for the long term. He was outstanding last year and the new deal is richly deserved. We hope he makes further progress and continues the fantastic form that impressed so many people last season."
Latest in Sport
Loic Remy to Liverpool: Striker undergoes medical in Boston ahead of £8.5m move
Commonwealth Games 2014 Opening Ceremony: Ewan McGregor launches Unicef charity fundraiser, making £2.5m in one night
Manchester United transfer news: Arturo Vidal subject of £39m bid - reports
Transfer analysis: Sami Khedira, Isco and Angel di Maria among Real Madrid players up for grabs this summer
Louis van Gaal gets tough with Manchester United players, with Darren Fletcher and Luke Shaw berated in public and Phil Jones left looking bemused
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains