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And you thought Venky's were bad!

Rovers may not be faring to well as things stand but at least Venky's have the money they say they have - unlike rival competitor Ashan Ali Syed.

Ali Syed was seemingly in pole position to take over Rovers in 2010 but was overtaken in the home straight by new Indian owners Venky's after the owners lost faith in the owner of Western Gulf Advisory.

Ashan was riddled with bad reports in the press during the sale process and lost out in the end when it became clear that the tight financial restrictions now in place in English football would scupper any deal.

And it seems that the negative press may have been close to home as it seems that Ali Syed's spell in ownership of Spanish club Racing Santander has been nothing short of a disaster.

Football Economy publication is reporting - 'Blackburn Rovers fans may have had a lucky escape when Ashan Ali Syed failed to pursue a bid for the club last year. His interest faded quickly when he became aware of the scrutiny of financial disclosure rules.

Now he has turned up at Racing Santander in Spain's northern autonomous region of Cantabria. He bought a majority stake in the club for 30m through West Gulf Advisory (WGA), his Swiss-Bahraini investment company. The players are in revolt after he missed four deadlines to pay 1.7m in wages owed to 11 players since last season. Racing have borrowed 2m this month from a source that specialises in arranging loans.

La Liga does not conduct such rigorous checks on prospective owners as the Premier League. WGA had its Bahrain licence suspended by the country's Industry and Commerce Ministry for 'violating the laws and regulations' of the Emirates after multiplying its assets from $64m to $1.2bn in one year. Ali's command of Spanish is limited to 'hola' and 'gracias'.'

Counting our lucky stars?

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The Journalist

Writer: Mikey Delap Mail feedback, articles or suggestions

Date:Sunday April 24 2011

Time: 1:33PM

Your Comments (oldest first)

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OUCH! Would suck to be a Racing Santander player right now!!!
Mikey Delap
Report Abuse
24/04/2011 14:38:00

Frying pan / fire anyone?
rossp2112
Report Abuse
24/04/2011 21:08:00

 

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