Blackburn set for November sale to Venkys
London: Blackburn Rovers hope the sale of the club to Indian conglomerate Venkys will be completed in November, the Premier League club said in a statement on Tuesday.
"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," Rovers` chairman John Williams said in a statement on the club`s website (www.rovers.co.uk).
Venkys` chief Anuradha J Desai added: "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 V.H Group, of which Venkateshwara Hatcheries P Ltd is the flagship company, specialises in poultry farming and claims to be the "largest fully integrated poultry group in Asia".
Its diversified businesses interests include food processing, animal healthcare and pharmaceuticals.
Its website said its valuation was USD 300 million, while Indian media reported the company are likely to pay 40 million pounds (USD 63.51 million) for Rovers if the deal materialises.
When contacted by Reuters on Tuesday, a company spokesman said they would be releasing a statement later in the day."
Blackburn, managed by Sam Allardyce, are fourth from bottom in the league -- one place above the relegation zone -- with nine points from as many games.
Last week Allardyce had backed new investment for the 1995 Premier League champions, who were put up for sale by the Jack Walker Trust three years ago.
"The club has been up for sale for some time and new investment would be most welcome," Allardyce said on Friday.
"It would seem that things are progressing and maybe we are getting closer to a decision."
In September, investment company Western Gulf Advisory (WGA) said that they were conducting due diligence on Rovers. A WGA spokesperson told Reuters in an email on Tuesday they were still interested in purchasing the club but "did not wish to comment on the current developments".