ALK Capital Only Business Left In Clarets Takeover Race
According to reports in Lancs Live website Mohamed El Kashashy and Chris Farnell have pulled out of the running to complete a takeover of Burnley Football Club. The Egyptian businessman and sports lawyer had initially been front runners in the race to takeover, but today have withdraw due to the lack of communication from Chairman Mike Garlick.
It is understood the El Kashashy & Farnell camp have not heard from the Clarets for a number of weeks and as a result have opted to pull out. The move appears to pave the way for ALK Capital, who in recent weeks seem to have become the main players, to secure a deal with talks continuing between the American investment group and the Burnley board of directors.
El Kashashy and Farnell remain open to reconvening talks with the Clarets in the future and remain keen to invest in a football club with a financial and business model they see as stable. The duo had signed a Sales & Purchase Agreement and provided proof of funds while they were waiting on a result of a fit and proper person’s test from the Premier League, something they have not failed but have yet to hear any more on.
El Kashashy and Farnell, who wanted to be in before January in a bid to help support manager Sean Dyche and the Clarets in the transfer window, also wanted to build on the strong links between the club and the community. Their withdrawal leaves ALK as the only bid with the American group keen to tie up a deal in the coming weeks.
Burnley won 2-1 against Wolves on Monday night to move out of the Premier League relegation zone with Dyche’s side having lost just once in seven matches.