You might already know that a negotiations team from Western Gulf Advisory (WGA), the Bahrain-Swiss based investment company which recently made a formal approach to Blackburn Rovers, were at Ewood Park on Monday, 16 August at 10am to sign a memorandum of understanding (MoU) with Blackburn Rovers, and to discuss the potential business and investment strategy including the transfer of new players.
For a period of four weeks, beginning on 16th August, WGA will explore the financial situation of the club. Over this four week period WGA has been granted exclusivity which means no other bidder can buy the club or look into Blackburn’s books.
WGA has earmarked approximately £300 million to acquire the club, cover its outstanding debts and provide the necessary capital to buy new players and invest over the longer term so it can once again become a title contender.
Sources close to the deal confirmed that there was a photo opportunity at Ewood Park (Blackburn End Stand) this Monday at 10am where WGA’s negotiations team as well as Blackburn Rovers’ Chairman and CEO John Williams will be present. As reported, Jean-Claude Darmon, the French football marketing pioneer, has signed a consultancy agreement with WGA earlier this week and will be part of WGA’s negotiation team.
Background on WGA:
WGA, which is owned by Indian-born, Bahrain-Zurich-based entrepreneur Ahsan Ali Syed, is targeting the UK for investments and it plans to invest a significant amount over 2010. The company does not receive any fund inflows from external resources but uses internal capital only, as WGA acts as wealth manager to its shareholders exclusively.
Reflecting WGA’s strategy of expanding its investment activities internationally, it has recently made a number of investments in Australia and Europe. By providing liquidity at a time when access to finance is highly restricted WGA provides companies with financial stability and a platform to exploit new growth opportunities.