El Kashashy & Farnell Sign Sale & Purchase Agreement to Purchase Clarets
Egyptian businessman Mohamed El Kashashy is set to buy Burnley in an amazing £200m takeover. El Kashashy and sports lawyer Chris Farnell have both signed sale and purchase agreements with the Premier League club after agreeing a deal with the Clarets chairman Mike Garlick.
It comes after Cheshire-based Chris Farnell had his ban from being an owner of a football club lifted by the English Football League (EFL) after his previous attempt to buy Charlton Athletic. Farnell, appealed the disqualification, claiming he had made an administrative error and it then became a bitter dispute with the English Football League but he has now been cleared to buy Burnley Football Club.
El Kashashy and Farnell have already provided proof of funds and the final obstacle is to pass the Premier League’s owners and directors test. The millionaire businessman El Kashashy made his money in food and the talks to buy Burnley have been going on for more than a year with the club up for sale for some time.
El Kashashy is keen to buy an English club, having also been interested in the Charlton Athletic consortium but has now pulled off a Premier League coup. Mike Garlick has admitted that he has struggled amid the coronavirus pandemic and with the impact that has had at Turf Moor. He had also been in talks with American investment firm ALK Capital, who believed they were close to a deal.
Burnley spent just £1million in the summer window in bringing in Dale Stephens from Brighton Hove Albion while squad goalkeeper Will Norris arrived on a free transfer. The Clarets chairman admitted the club stood to lose £50m because of the pandemic and he was concerned about the long term financial impact and the club is believed to have been on the market long before the pandemic