Tue, Aug 17 10 06:18 PM
36-year-old Indian entrepreneur, Ahsan Ali Syed, considering a takeover bid for Blackburn Rovers says he will give manager Sam Allardyce up to 100 million pounds ($154.7 million) to spend on new players if the bid succeeds.
The club confirmed on Tuesday that talks were being held with Syed who hopes to take control of Blackburn in the next month.
"Blackburn Rovers can confirm that officials have held a cordial and productive meeting with Western Gulf Advisory (WGA) staff and advisors concerning a proposed takeover of the club. The process is ongoing," it said on its website (wwww.rovers.co.uk).
The Daily Telegraph newspaper quoted Syed as saying he would make funds immediately available so that Allardyce could strengthen the squad in the transfer market.
Syed, 36, who lives in Bahrain, was quoted in the paper as saying: "As part of our first five-year investment we will make 80 million-100 million pounds available to the manager.
"He has done a fantastic job for the club with constrained resources, but I am sure that if he is given a free hand with the resources we can provide then Big Sam has the potential to make wonders."
He added: "For me the investment in Blackburn is more of a passion than a way to make a quick return from the balance sheets.
"I am not investing to make a return in two years and walk away, I am coming in as a fan to invest for the long term."
The English Premier League has introduced stricter new rules this season for anyone attempting a takeover and Syed added: "My proof of funds is quite evident. I am not acquiring this on hire purchase, I have sufficient liquidity to buy the club."
WGA is registered as a Swiss-Bahraini financial services company, said to control around 5 billion pounds of investments on behalf of the Syed family, which traces its wealth to trading and investment in the Hyderabad region in the 19th century.
Source: Published>
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