Venkys set to buy Blackburn Rovers for $63.5 million

Written by fe Bureaus | Pune | Updated: Oct 28 2010, 04:39am hrs
The promoters of the Rs 4,000 crore Venkateshwara Hatcheries Group and Venkys brand are all set to become owners of an English Premier League team. The company is in the process of acquiring the troubled EPL Club Blackburns Rovers Football Club. The Blackburn Rovers Football Club on its website confirmed that there have been detailed discussions regarding the sale of the club to Venkys conglomerate. The Jack Walker Trust put Blackburn up for sale two years ago and the VH Group has stepped in to rescue the club. The company chairperson Anuradha Desai was not available for comment and it is not clear if the family or the company is investing in the club. The company is expected to make a formal announcement on Wednesday. B Venkatesh Rao, the director of the company and joint MD, is currently in the UK and is holding final round of meetings with the Club. News agencies and TV reports that the deal size is about 46 million pounds ($63.51 million).

These takeover plans are coinciding with the VH Group's growing ambitions to be a global player. Rovers' Chairman John Williams said: "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." Venkys' Chairperson Anuradha J. Desai said: "We expect to be the first Indian company to acquire a Premier League team and we are particularly delighted that the team is Blackburn Rovers, with whom we believe we have many shared values and ambitions. The club website quotes, Sam Allardyce, the club manager, who says that it important for Rovers to secure 'new investment' to help push the club forward. "It would seem that things are progressing and maybe we are getting closer to a decision. The club has been for sale for some time and new investment would be most welcome. Investment is needed at every football club and investment here has dried up somewhat because of the club being up for sale.