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Netherlands rejects Bayern Munich demands to release Van Bommel The Dutch football federation on Tuesday rejected Bayern Munich's request to release captain Mark van Bommel and send him back to Munich for ... rssfeeds.usatoday.com |
Blackburn agree £46m takeover deal • Buy-out expected to go ahead next month• New owners Venky's will inherit £15m debtBlackburn Rovers expect to become the next Premier League club to be sold to foreign investors, and the first to have owners from India, after agreeing a £46m takeover with Venky's, an Indian poultry and pharmaceutical company.Venky's, which had a £1bn turnover and made a profit of £118m according to its 2009-10 annual report, has conducted due diligence on Rovers' books and held meetings with the Premier League ahead of next month's expected buy-out. It is the third Indian group to express an interest in Blackburn in recent months but, without matching the extravagant £100m transfer budget promised by Ahsan Ali Syed, for example, is the only suitor to progress this far."It is very much confirmed," Venkatesh Rao, Venky's joint managing director, said. "In the next 10 days we will be announcing it formally. It is a £46m deal."Investment in Sam Allardyce's team has stalled since Blackburn's current owners, the Jack Walker Trust, put the club on the market over two years ago. The Trust is believed to be seeking at least £25m for the club and the new owners will inherit approximately £15m of debt, leaving only a modest budget for new signings in January. Rao, however, claims further investment will be forthcoming once the deal is completed. He said: "I wouldn't say it is cheap or expensive but we have to source out more money. We will have to pump in some more money later on and I don't want to get into the details of it."Venky's – which is part of the Venkateshwara Hatcheries Group – Saurin Shah and Ali Syed, the Bahrain-based owner of Western Gulf Advisory, have all been attracted to Blackburn in the belief there are untapped revenues in Asia for the first Indian owner of a Premier League club. The town has a large Asian population and the club, despite the lack of investment in the team, has the infrastructure of an established Premier League outfit in place in the rebuilt Ewood Park and Brockhall training complex.John Williams, the Blackburn chairman conducting the search for a new owner, has urged patience and caution throughout the sale process, even in the face of claims of £300m takeovers and the possible arrival of David Beckham at Ewood. Following further talks with Venky's representatives in recent days, however, he said today: "A series of meetings, including discussions with the Premier League, have followed an extensive due-diligence process. Both parties are hopeful that the transaction will be completed in November."It is believed both Williams and Allardyce will retain their positions at Blackburn should the takeover proceed next month. Allardyce has previously expressed reservations about the impact on his job, having been sacked by Newcastle United shortly after the arrival of Mike Ashley as owner.Venky's has grown into Asia's largest poultry group since its humble beginnings in 1971, when Dr B.V Rao and his wife Uttaradevi opened a farm with 500 birds on a seven-acre plot near Hyderabad. The company has since expanded into health care, pet foods and is the preferred supplier to McDonald's and KFC in India. It is now run by Dr Rao's daughter, Anuradha Desai, one of the wealthiest women in India.Blackburn RoversPremier LeagueAndy Hunterguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds guardian.co.uk |
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