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
Chelsea injury news: Cesc Fabregas and Branislav Ivanovic could join Diego Costa on the sidelines for crucial Manchester City clash
Australian Open 2015: Thanks to Amelie Mauresmo, it's no longer Andy Murray against the world
Fantasy Premier League: Invest in Arsenal to climb the ranks in Gameweek 23
Manchester United sign former Manchester City prospect Sadiq El Fitouri on advice from Phil Neville and Paul Scholes
Kim Sears 'swearing' outburst threatens to overshadow Andy Murray's Australian Open semi-final win
- 1 Venezuela Expo Tattoo 2015: Extreme body art from 'Vampire Woman' to 109mm earlobes
- 3 Ball pool for adults opens in London
- 4 Game of Thrones season 5 trailer: The first full-length look is here
9 reasons Greece's experiment with the radical left is doomed to failure
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
King Abdullah dead: We can't afford not to hold Saudi Arabia's royals to account