UK time is: 13:26:23
Vital Login
Social Login

Choose your club

Other Sites

Network Navigation

Vital Partners

'If It's Football, It's Vital'

Syed's firm told to cease trading

A Bahrain investment company run by potential new Rovers owner Ahsan Ali Syed, has been told to cease trading by Bahrain's government.

It has fallen foul of strict laws in Bahrain on how to run companies as it there has been evidence suggesting the company has been acting on behalf of an external investor. Something which is prohibited by Bahrain business law.

The big news for Rovers fans is that this company does not directly affect Syed's attempts to buy Blackburn Rovers.

It will however ask some serious questions about the man himself and his practices.

BBC Sport is reporting in full - 'A company run by the man linked to the proposed £300m takeover of Blackburn Rovers has been told to cease trading.

Bahrain's trade and industry ministry said it closed a Bahrain-based company after it violated regulations by operating outside its remit.

BBC 5 live has learned the company is Western Gulf Advisory, run by Indian investor Ahsan Ali Syed.

Western Gulf Advisory said the Blackburn bid is being managed by a separate company, and is unaffected.

The precise details of the offence are unclear, but it is understood that Western Gulf Advisory fell foul of Bahrain's central bank, which refused to sanction its activities.

It has been reported that Mr Syed is planning to invest £300m into Blackburn Rovers, pledging an additional £100m to fund transfers.

Mr Syed also runs a Swiss-based company, Western Gulf Advisory AG, based in Zug.

The BBC has been told it is this Swiss entity which is managing the takeover plans, and not the Bahrain-based company.

Private investor

Mr Syed's personal wealth has been reported to be between £3bn and £8bn. He said he would be investing his personal wealth into the club, through his Swiss firm, and he would be the sole investor.

The takeover bid is being negotiated by Western Gulf AG's European investment team, which is currently involved in the creation of a new Europe-based firm, WGA Sports, which will oversee all Mr Syed's sports investments.

According to its company website, Western Gulf Advisory provides services relating to asset and wealth management and Mr Syed's family has been involved in private sector lending across Asia for 150 years.

Despite his reported wealth, little is known about Mr Syed, and he has not featured in the Forbes Rich List.

Mr Syed claims he and his company are experts in buying under-performing companies and turning them into profitable enterprises.

He is known to be involved in other takeover bids of companies outside of football, including the Irish construction company McCabe and the Australian cotton producer, Cubbie Station.

However, when probed about his other investments when talking to the BBC last week, Mr Syed said he preferred to keep such information private to protect his investors. Western Gulf Advisory claims to act as financial adviser to sovereign wealth, royalty and many wealthy individuals.

A spokesman for the Barclays Premier League said they had not received any formal notification regarding a takeover of Blackburn Rovers, and would not conduct any investigation into the suitability of any potential investor until such a time.

Once notice of a takeover is received the Premier League then has 10 days to carry out a means and abilities test of the company planning the investment, which includes the owners and directors.

It is only after such tests have been completed that a decision on whether to sanction a takeover will be made.

A spokesperson for Mr Syed said negotiations with Blackburn Rovers' advisors were proceeding very well, and Western Gulf Advisory AG would soon be approaching the Premier League to complete the necessary paperwork.

Blackburn Rovers did not respond to a request for a comment on the development.'

Join The Vital Debate




Use your social login to comment on front page articles. Login using you Facebook, Twitter, Google or LinkedIn accounts and have your say!



Click here to join in the debate on the club forum.

The Journalist

Writer: Mikey Delap Mail feedback, articles or suggestions

Date:Monday August 30 2010

Time: 9:36PM

Your Comments

These things never go smooth round here do they?!
Mikey Delap
Apparently he's denied it already
G-Rover
Hope this doesn't affect the takeover, hopefully the takeover can be officially completed in another 2 weeks time, mid Sept as reported, then all the ghosts will exorcised.
metalrover
I'll go on the record and say we shouldn't waste any more time with this guy. It's Pompey all over again - bluster, inflating his wealth and ego with absolutely no substance. It's just fashionable in this part of the world to be associated with an EPL team, and I reckon that's all this takeover is. I'll humbly eat my hat if anything solid and concrete materialises, and we get the war chest promised. Delaying past the transfer deadline gives him the opportunity to get more coverage and prove to everyone how rich he is without having to put his money where his mouth is... except that perhaps he isn't as rich as he would like to think.
Desert Kiwi
Kiwi, I just on your track. From the start I thought this guy didn't sound like the right guy for us. I'm still on for the Shah guy, he seems like a better fit for us. At the end I still hope Mr. Williams have something to say in this case to choose the right man......Cheers
riisenholt
I am sure whatever happens we will be fine, we won't get dealt over to someone who won't benefit the club. If it ain't meant to be then someone else will step in I am sure - there is plenty of interest if Rothchilds are to be believed.
Mikey Delap
Funny actually that suddenly everybody is interested in us......cheers
riisenholt
I think Desert Kiwi is making a very valid point but i still back John Williams and those in charge of the take over process to make the right decisions in the best interest of the club.
Diouf Diouf
Some valid points on here but would Syed have a 15 year plan if he was in it for a quick buck? On top of that he has stated several times he doesn't expect Rovers to start making money and being self sufficient without years of work. I appreciate this doesn't make him looked as good as some of us had thought but this guy is definately not a Gaydamak.. Still my preferred choice. Maybe he's good at saying the right things but there are far stricter rules and regulations he must abide by now compared to when the likes of Shinawatra and Gaydamak were taking over clubs..
fransavarese
 

Have Your Say

Log in...
with your social network     OR     with your Vital account

Recent Articles

Rovers disappoint again (Friday April 18 2014)

Rovers expecting DJ help (Thursday April 17 2014)

Marshall aiming for early return (Wednesday April 16 2014)

Millwall set to end Campbell loan (Thursday April 10 2014)

Bowyer delighted with Rovers (Wednesday April 9 2014)

Archived Articles

List All Vital Blackburn Articles
Have your say
Click here to suggest an article
Click here to suggest a poll

Vital Members League (view all)

League Results (view all)

League Table (view table)

Team P W D L GD Pts
7. Reading 43 17 13 13 10 64
8. Ipswich 42 17 13 12 8 64
9. Bournemouth 43 17 11 15 -1 62
10. Blackburn 43 15 16 12 3 61
11. Forest 42 14 17 11 4 59
12. Middlesbrough 42 14 16 12 10 58
13. Watford 41 14 15 12 16 57

Breaking League News

Burnley Win But No Blackpool Rock!
» Burnley : 19/04/2014 13:12:00
Uwe Rösler Congratulates Brentford On Promotion
» Wigan : 19/04/2014 12:08:00
Birmingham To Sink Sunken Forest
» Birmingham : 19/04/2014 11:59:00
Vote For Vital Latics Man Of The Match v Reading
» Wigan : 19/04/2014 11:38:00
What The Bosses Said - Latics 3 Reading 0
» Wigan : 19/04/2014 11:23:00
Class Above - Latics 3 Reading 0
» Wigan : 19/04/2014 11:07:00
Preview: Watford v Ipswich Twon
» Watford : 19/04/2014 10:36:00

Current Site Poll (view all polls)

Robbo for England? (again)
Suggested By:  VB Admin
Yes, as back up - why not? 56%
No, his time has been and gone 44%