It has been reported that English Premier League side Burnley are set to be taken over by Egyptian businessman Mohamed El Kashashy and his associate Chris Farnell in a deal worth £200m (R4.2 billion).
Under the guidance of Sean Dyche, Burnley have been one of the most consistent teams in the league, producing giant-killing acts since their return to topflight football back in 2016.
However, the Clarets off the pitch are struggling financially and the club’s chairman, Mike Garlick, has been in talks to sell the club for some time now as the club is believed to have lost £50 million due to the effects of Covid-19.
According to BBC Sport, it had been thought American sports investment firm ALK Capital were in pole position to buy the Clarets but Farnell and El Kashashy are in talks with major shareholders at the club.
As per multiple reports, El Kashashy has already provided the Premier League with proof of funds ahead of the proposed R4.2 billion takeover, and now only need to pass the league’s owners and directors test to make the transaction official.
The Egyptian is said to have been in negotiations with Burnley for the past year and was previously linked with a takeover bid for League One side Charlton Athletic.
Burnley are currently third bottom of the Premier League, with one point from their opening five games.
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By FARPost Reporter