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Syed moves into takeover ascendency

Syed moves into takeover ascendency

There has been movement on the takeover front with potential investor Ahsan Ali Syed moving into a position to examine the Rovers accounts.

There have been many false dawns in the last few months but these latest statement released by the man promising to inject £300 million into buying the club looks the most promising.

A state of due diligence looks to have been reached between the club and Syed as Rovers look set to get the cash injection that everyone has been crying out for over the last few years.

The statement released by WGA is quoted on ESPN as saying that Syed will 'discuss the potential business and investment strategy including the transfer of new players with Rovers chairman John Williams.'

'For a period of four weeks, beginning on August 16, WGA will explore the financial situation of the club, over this four-week period WGA has been granted exclusivity which means no other bidder can buy the club or look into Blackburn's books.'

Is this the breakthrough we have all been looking for?

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Writer:Mikey Delap
Date:Friday August 13 2010
Time: 2:22PM

Comments

0
Exciting stuff!!!
Mikey Delap
13/08/2010 14:24:00
0
I read this about 10 minutes ago in the Telegraph. Let's just say, my mouse and keyboard are a littly sticky now ;)
roversfanben
13/08/2010 14:29:00
0
Spill some Lucozade? Also...I'm gettin a bit excited too, but in a far less dirty fashion!
fransavarese
13/08/2010 15:02:00
0
exciting stuff yes, but we still need to be cautious. Let the good times roll.
IcemanBRFC
13/08/2010 16:03:00
0
Looking good and feeling a bit of a buzz, roll on tomoz now!
mutts nutts
13/08/2010 16:07:00
0
Positive and progressive move. i can not recall any other potential take over getting to this stage before. The only downside would be transfer funds will not be likely to be available before the window closes. Although this could be a positive move as I feel a settled team will perform better as a unit instead of having loads of new signings. But we do need that new striker asap
Diouf Diouf
13/08/2010 16:23:00
0
Ive done a bit of copy and paste her on some research done into this case.. sounds interesting.... Ahsan Ali Syed has stepped up his efforts to buy Blackburn Rovers by agreeing a four-week period of exclusivity to explore the financial situation of the club, according to sources close to the deal. Mr Syed has also enlisted the support of one of European football’s marketing pioneers Jean-Claude Darmon,. Darmon, a multimillionaire sports rights specialist and grandee of the French business scene has been enlisted to initially advise Ali’s negotiating team, which hopes to conclude a deal with the trustees of Jack Walker’s estate by the end of the month. If the bid is successful, he will develop a commercial strategy for the club. However, he would not be involved in the day-to-day operation. Algerian-born Darmon has been heavily involved in the finances of French football since the late 1960s and event management in sports such as rugby and boxing. His eponymous company handled promotional work for 18 of the top French 20 clubs, having identified that there was little advertising activity at club level in France beyond perimeter hoarding. It is understood that Ali wants to invest in Blackburn’s long-term future with a potential £300 million injection clearing the club’s debt of £20 million in the process. Ali, does not expect to see a return on his investment for at least five years and would prefer to be a financial partner rather than an active owner. He wants to retain the club’s existing management, including Sam Allardyce, the manager and some money will be available to buy players, although any takeover would not be completed before the close of the present transfer window, Ali is also said to have a particular interest in expanding the academy at Ewood Park to develop
Blue n Whitey
13/08/2010 16:38:00
0
For anyone that wants to have a look at the finances of WGA in details here is the link below. The accounts are audited upt 31st December 2009. http://www.westerngu lfadvisory.com/Annua l_Report_2009/ For those without a financial background here are a few of the major details: 1. The Company had assets of $1.2bnm, and debts of $1.1bn ( a debt gearing of 92%). All of the loans come personally from Ahsan Ali Syed. 2. $94m Revenue in 2009 was driven solely by "Advisory fees and a one off Franchise Fee" which came from companies of which Ahsan Ali Syed is a "related party" ie Company Director, Owner, Related to Owner/Controlling Party (according to his personal biography there are more than 300 - due to the time constraints and requirements of being on a board of directors this is an unbelievably huge amount.) Bahrain is a tax haven, therefore companies of which he is a related party have just created $91m worth of legally untaxable income for Ahsan Ali Syed. 3. WGA had $850m 'available to loan' @31.12.2009 It has since invested $350m in McCabe (an irish builder) and $420m in Australian property companies. Which leaves $30m left 4. If the $8bn assets figure is correct then WGA has grown its business at a rate of 800% for 2009 and 700% in the first half of 2010. The FTSE has risen around 40%, bank shares in RBS after the near total collapse rose around 75%
Blue n Whitey
13/08/2010 16:39:00
0
VERY exciting!!
Blue n Whitey
13/08/2010 16:40:00
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