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Venkys to acquire Blackburn Rovers

Venkys to acquire Blackburn Rovers
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First Published: Tue, Oct 26 2010. 03 52 PM IST
Updated: Tue, Oct 26 2010. 03 52 PM IST
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.
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, specializes 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 $300 million.
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.
Asked about the importance of new investment for the 1995 Premier League champions on Friday, Allardyce said: “The club has been up for sale for some time and new investment would be most welcome.”
“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 process a source close to the situation told Reuters on Monday was still ongoing.
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First Published: Tue, Oct 26 2010. 03 52 PM IST