Rovers waiting for proof of funds

04 August 2010 09:14
lackburn's owners will want definite proof of investment plans before they agree to any takeover of the club.[LNB] Rovers chairman John Williams says a number of parties have expressed interest in buying the club, with a company run by wealthy Indian businessman Ahasan Ali Syed confirming a formal approach.[LNB]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 £20million debt and invest £300million to sustain the club over a long period of time.[LNB]Syed's investment company Western Gulf Advisory (WGA) made a formal approach to Blackburn's advisers at investment bank Rothschild.[LNB]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."[LNB]Williams said: "There have been a number of interested parties for some time and discussions are ongoing."[LNB]WGA are based in Bahrain and Switzerland and 36-year-old Syed is a lawyer who studied at the London School of Economics.[LNB]A number of consortiums have contacted the Jack Walker Trustees over the last three years, including one from ex-JJB Sports chief Chris Ronnie and another based in Iceland.[LNB]In June another Indian entrepreneur, Saurin Shah, was reported as being prepared to bid for the club but, for all the activity, a deal has never come close to being done.

Source: Team_Talk