Post by Macmoish on Nov 19, 2010 16:11:12 GMT
Don't really understand the sale...What happens to the money? And why Mittal didn't buy all of QPR
BBC
Rao family buy Blackburn Rovers from Jack Walker Trust
Blackburn have been purchased by the Rao family from India for about £43m.
Under the deal, BBC Sport understands Rovers' shares have been acquired for £23m with a debt in the region of £20m also taken on by the new owners.
The trust set up by late former owner Jack Walker to own the club has sold its 99.9% holding to the newly-formed company Venky's London Limited.
Trust chairman Paul Egerton-Vernon said: "We're very pleased to be passing on the Rovers to the Rao family."
He continued: "We have been impressed with their enthusiasm and their plans and ideas for investment as well as their wish to preserve the legacy of Jack Walker."
Venky's chairman Anuradha J Desai said they were "delighted, proud and humbled to be associated with Blackburn Rovers".
He added: "We will absolutely respect the Jack Walker legacy and will be actively supporting the organisation to ensure that Blackburn Rovers remains one of the best-run clubs within the Premier League.
606: DEBATE
Thanks to the Walkers for the last 20 years - here's to a new era
Leatherheader
"We are particularly pleased that the deal has the full support of the Walker Trust, the chairman and the management team, who will of course remain in place with our full support."
The deal make Rovers the first Indian-owned Premier League club, and the new owners believe their experience of the Asian country means they will be able to open a huge new market for the Lancashire outfit.
Venky's director Balaji Rao said the firm intends to "exploit our in-depth knowledge of the Indian market in particular, and beyond that, the whole of Asia" to develop the club's fan base.
Speaking on Friday before the deal was confirmed, Rovers boss Sam Allardyce welcomed the takeover and said he hoped it would lead to funds to buy new players as Rovers battle to avoid relegation from the Premier League.
"The best way to improve a football club in the early stages is the first-team results," he said.
"We all know we have been short of a bit of investment in the last few years.
"Since the trust has tried to sell the club they haven't been willing to fund the sort of transfers needed to keep the club improving.
"That's put it in danger of maybe being in the throes of selling your best players and threatened with relegation."
According to its website Venky's was established in 1976, mainly to produce chicks for the Indian poultry market, before diversifying into other areas including nutritional health products for humans, pet food and other healthcare products.
The Jack Walker Trust put Blackburn up for sale two years ago in the hope of attracting buyers willing to invest.
Blackburn are 14th in the Premier League, only two points above the relegation places after picking up four victories in 13 games
newsvote.bbc.co.uk/sport2/hi/football/teams/b/blackburn_rovers/9210221.stm
BBC
Rao family buy Blackburn Rovers from Jack Walker Trust
Blackburn have been purchased by the Rao family from India for about £43m.
Under the deal, BBC Sport understands Rovers' shares have been acquired for £23m with a debt in the region of £20m also taken on by the new owners.
The trust set up by late former owner Jack Walker to own the club has sold its 99.9% holding to the newly-formed company Venky's London Limited.
Trust chairman Paul Egerton-Vernon said: "We're very pleased to be passing on the Rovers to the Rao family."
He continued: "We have been impressed with their enthusiasm and their plans and ideas for investment as well as their wish to preserve the legacy of Jack Walker."
Venky's chairman Anuradha J Desai said they were "delighted, proud and humbled to be associated with Blackburn Rovers".
He added: "We will absolutely respect the Jack Walker legacy and will be actively supporting the organisation to ensure that Blackburn Rovers remains one of the best-run clubs within the Premier League.
606: DEBATE
Thanks to the Walkers for the last 20 years - here's to a new era
Leatherheader
"We are particularly pleased that the deal has the full support of the Walker Trust, the chairman and the management team, who will of course remain in place with our full support."
The deal make Rovers the first Indian-owned Premier League club, and the new owners believe their experience of the Asian country means they will be able to open a huge new market for the Lancashire outfit.
Venky's director Balaji Rao said the firm intends to "exploit our in-depth knowledge of the Indian market in particular, and beyond that, the whole of Asia" to develop the club's fan base.
Speaking on Friday before the deal was confirmed, Rovers boss Sam Allardyce welcomed the takeover and said he hoped it would lead to funds to buy new players as Rovers battle to avoid relegation from the Premier League.
"The best way to improve a football club in the early stages is the first-team results," he said.
"We all know we have been short of a bit of investment in the last few years.
"Since the trust has tried to sell the club they haven't been willing to fund the sort of transfers needed to keep the club improving.
"That's put it in danger of maybe being in the throes of selling your best players and threatened with relegation."
According to its website Venky's was established in 1976, mainly to produce chicks for the Indian poultry market, before diversifying into other areas including nutritional health products for humans, pet food and other healthcare products.
The Jack Walker Trust put Blackburn up for sale two years ago in the hope of attracting buyers willing to invest.
Blackburn are 14th in the Premier League, only two points above the relegation places after picking up four victories in 13 games
newsvote.bbc.co.uk/sport2/hi/football/teams/b/blackburn_rovers/9210221.stm
