Indian firm to buy EPL team
Many Indian billionaires may have nurtured a dream of buying a team in the English Premier League (EPL) soccer, but a dark horse has emerged in the form of the VH group, better known as the people behind the Venky’s chicken.sports Updated: Oct 27, 2010 01:00 IST
Many Indian billionaires may have nurtured a dream of buying a team in the English Premier League (EPL) soccer, but a dark horse has emerged in the form of the VH group, better known as the people behind the Venky’s chicken. The group, a Rs 1300-crore sales conglomerate is in the final stages of talks to acquire Blackburn Rovers.
The group that supplies chicken to multinationals such as McDonald’s, Kentucky Fried Chicken and Domino’s Pizza, aims to buy a majority stake in the English team for 40 million British pounds (R280 crore)
In a statement on Tuesday John Williams, chairman of Blackburn said, “Both parties are hopeful the transaction will be completed by November.”
The club was on the block for some time now and they were looking for potential buyer.
The Blackburn Rover club was established in 1875 and they were the last club apart from big four—Manchester United, Arsenal, Chelsea and Liverpool—to win the Premier League in 1995. Jack Walker Trust had put Rover on the block about two years ago but the negotiations with several players did not go through.
Venky’s had recently sponsored FIFA recognised football matches in Pune. Venky’s stock price fell by 2.8 per cent after the news to close at R913 on Tuesday. Despite repeated attempts promoters of Venky’s could not be reached till late Tuesday evening.