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Burnley nears a £200 million takeover by Egyptian food magnate

By Varun Aithal

BURNLEY, ENGLAND - OCTOBER 31: Sean Dyche the manager / head coach of Burnley during the Premier League match between Burnley and Chelsea at Turf Moor on October 31, 2020 in Burnley, United Kingdom. Sporting stadiums around the UK remain under strict restrictions due to the Coronavirus Pandemic as Government social distancing laws prohibit fans inside venues resulting in games being played behind closed doors. (Photo by James Williamson - AMA/Getty Images)
BURNLEY, ENGLAND - OCTOBER 31: Sean Dyche the manager / head coach of Burnley during the Premier League match between Burnley and Chelsea at Turf Moor on October 31, 2020 in Burnley, United Kingdom. Sporting stadiums around the UK remain under strict restrictions due to the Coronavirus Pandemic as Government social distancing laws prohibit fans inside venues resulting in games being played behind closed doors. (Photo by James Williamson - AMA/Getty Images) /
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According to several reports, Burnley are a step away from finding a solution to their financial issues post-pandemic.

It is being said that Burnley are close to a £200 million major takeover by an Egyptian food magnate, El Kashashy. The takeover news comes as a sigh of relief for the Clarets’ fans who are languishing at the bottom of the table with just one point in six games played.

The Clarets are closer than ever to finding new owners. The Egyptian businessman is leading the charge in the takeover with the sports lawyer, Chris Farnell, also part of the team that is funding the takeover.

Before the African powerhouse was mentioned as a potential buyer, the Finance group ALK Capital were also rumored to be in discussions with Burnley for a possible buyout.

"Two consortiums are vying to take over ownership of Burnley. US interest from the finance group ALK Capital LLC surfaced a couple of weeks ago, but though talks are ongoing a rival package led by the Cheshire-based sports lawyer Chris Farnell and funded by the Egyptian food magnate Mohamed El Kashashy has also been in touch with the club over a proposed £200m takeover. (Via: theguardian.com)"

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The news has come to light with all the parties involved set to sign and exchange documents, having us believe that the discussions were ongoing for a whole year already. The proof of funds required for the takeover has also been established with parties waiting for Premier League authorities’ signatures to complete the deal.

In the last year or so, there have been multiple instances where clubs were approached for major buyouts. The most recent one was Newcastle United, where the Saudi Arabian acquisition of the English club failed at the last moment.

The person in charge of the deal was Mohammad bin Salman, the Saudi prince. But it was denied by the EPL authorities. The current owner Mike Ashley was left in disarray after the deal wasn’t concluded.

Burnley were one of, if not, the best financial ran clubs in the Premier League that has remained in the top-flight despite shortcomings in investments made by the owners.

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