Blackburn Rovers in ongoing talks with Ahsan Ali Syed
Blackburn Rovers say they have held a "cordial and productive meeting" with Indian businessman Ahsan Ali Syed's company over a proposed takeover.
Bahrain-based Syed, owner of Western Gulf Advisory, confirmed on Monday he was keen to buy the Lancashire club.
He said he could give manager Sam Allardyce a transfer kitty of £100m.Blackburn said talks were "ongoing" after Syed had voiced plans to complete his takeover of the Premier League club within two weeks.
But the club managed by Sam Allardyce, which began the season with a win over Everton, declined to comment further.
Syed, 36, is reported to have about £300m to spend on the takeover, a sum that would both cover the club's debts and allow new players to be bought.
He claims he does not want to buy the club for its business potential but to fuel his "passion" for football.
Blackburn are currently run by the trustees of former owner Jack Walker's estate. Steel magnate Walker thrust Blackburn into the big time in the 1990s by funding a lavish spending spree.
They notably won the Premier League title in 1995 with the goals of two big-money signings Alan Shearer and Chris Sutton, but have struggled to compete at the top end of the table since Walker's death 10 years ago.
The trustees, along with investment bank Rothschild, have been searching for a new owner for the last three years.
Syed claims to have signed a memorandum of understanding with Blackburn allowing him an exclusive four-week period for negotiations and due diligence.
Yet he is hoping to complete a deal before the transfer window shuts at the end of August to allow Allardyce to sign new players.
"Between £80 and £100m is what I'd be allocating for players, but I'm not saying that there is not talent in the team. The talent is already very good," said Syed.
"Right now Big Sam has done a fantastic job with very limited resources. If I can give him some good resources I'm pretty confident he could work wonders."
Syed has also said he will not set Allardyce lofty and unrealistic targets and will not interfere directly with team matters. He is also keen to revamp the 31,000-capacity Ewood Park stadium.
http://news.bbc.co.uk/sport2/hi/football/teams/b/blackburn_rovers/8920643.stm
