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Bahrain Firm Says It Will Enter Exclusive Talks to Buy Blackburn Rovers
Negotiators from investment company Western Gulf Advisory will travel to England to sign an exclusivity contract ahead of a proposed buyout of Premier League soccer club Blackburn Rovers.
The Bahrain and Switzerland-based company has been in talks with investment bank Rothschilds, which is advising the team on the sale.
“Our negotiations team will be in Blackburn on Monday to sign a memorandum of understanding giving us a four-week exclusivity period,” Julia Thiem, public relations manager at Western Gulf Advisory, said in an e-mail.
Blackburn spokesman Paul Agnew didn’t immediately answer a request for comment. The club kicks off the Premier League season tomorrow with a home match against Everton. WGA is owned by Indian-born entrepreneur Ahsan Ali Syed. The company says it funds investments through internal sources only, acting as a wealth manager exclusively to its shareholders.
According to a statement from Citigate Dewe Rogerson, WGA’ public relations advisor, the group has 300 million pounds ($468.2 million) to purchase the team, pay its debts and acquire new talent.
WGA will “invest over the longer term so it can once again become a title contender,” the statement said.
Blackburn, which has debts of 20.3 million pounds, finished 10th in the 20-team Premier League last season. It’s owned by the Jack Walker Trust, named after a former club owner whose millions helped it win the 1995 title. Walker, who made his fortune in the U.K. steel industry, died in 2000, aged 71.
To contact the reporter on this story: Tariq Panja in London at tpanja@bloomberg.net
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