Blackburn bidder gets more time to probe finances

Published Sep. 16, 2010 3:23 p.m. ET

foxsports

An Indian businessman remains committed to buying Blackburn after his investment company announced Thursday that it has been granted more time to investigate the Premier League club's finances.

Ahasan Ali Syed's firm Western Gulf Advisory was granted exclusive negotiating rights by Blackburn last month and says the period to conduct due diligence has been extended.

''This enables WGA to continue to explore the financial situation of the club while ensuring that no other bidder can buy it or look into its books,'' the Bahrain-based company said in a statement. ''Although the due diligence process is taking longer than originally envisaged WGA remains committed to pursuing the opportunity to acquire such a prestigious club.''

Ali Syed, who says he is a longtime Blackburn fan, has pledged to pay off the club's 20 million pounds ($31million) of debt and invest 300 million pounds in the club.

But Blackburn manager Sam Allardyce said last week that the prospect of a takeover ''seems doubtful.''