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Wednesday 29 Oct 2014

Press Release

Blackburn bidder ordered to cease trading – 5 Live Investigates

Βι¶ΉΤΌΕΔ Radio 5 Live

The businessman who says he wants to invest around Β£300 million in Blackburn Rovers has been ordered to close down his Bahrain-based investment company Western Gulf Advisory, Βι¶ΉΤΌΕΔ Radio 5 Live Investigates has discovered.

Ahsan Ali Syed was told by the Bahraini authorities to cease trading two weeks ago for "violating the laws and regulations of Bahrain."

Mr Syed, an Indian national based in Bahrain, says that his proposed purchase of Blackburn Rovers will be made as a personal investment and through his Swiss company, Western Gulf Advisory AG.

However, the revelations about his Bahrain investment company will raise questions about his suitability as a club owner. 5 Live Investigates has learnt that, following an investigation by the Central Bank of Bahrain, officials from the Ministry of Industry and Commerce visited Western Gulf Advisory's luxury offices and ordered that the company stop trading immediately.

Company representatives asked for a brief period to continue operating while they sorted out their legal situation but were told they would be granted "not a minute more."

Notices were posted by the ministry on the company's premises to inform visitors that Western Gulf Advisory had been closed down.

News of the closure was initially kept quiet. However, 5 Live Investigates presenter Adrian Goldberg says the programme learnt this weekend about the striking off: "We have been told by a source inside the Bahraini government that action was taken against Mr Syed because the authorities suspect that his company has been acting on behalf of a hidden investor. Western Gulf Advisory's registration documents state that it was only authorised to invest on its own behalf."

Mr Syed, who is currently carrying out due diligence work on Blackburn Rovers, said recently that he hopes to complete the purchase of the club by the end of September.

Commenting to Radio 5 Live, his spokesperson said: "We are purchasing all our investments, e.g. J&M McCabe in Ireland or Landmark in Australia, through our Swiss entity (Western Gulf Advisory AG) and other European entities.

"This also holds for a takeover of Blackburn Rovers, which will be acquired by Mr Ahsan Ali Syed personally as well as by his Swiss entity. Furthermore, we are currently setting up another European entity called WGA Sports for our sporting activities.

"Let me emphasise again that Bahrain is a separate entity that has got nothing to do with our investment activities at all. In fact, this entity has got a very limited scope of activities. With regard to the purchase of Blackburn Rovers our European investment team is handling the negotiations with the advisors of the Jack Walker trust, which are proceeding very well. We are about to approach the Premier League to complete the paper work soon."

A spokesperson for the Premier League said they had not received any formal notification regarding a takeover of Blackburn Rovers, and would not conduct any investigation into the suitability of any potential investor until such a time.

Once notice of a takeover is received the Premier League then has 10 days to carry out a means and abilities test of the company planning the investment, which includes the owners and directors. It is only after such tests have been completed that a decision on whether to sanction a takeover will be made.

Notes to Editors

If you use any material from this release please credit 5 Live Investigates.

5 Live Investigates is a new, hour-long magazine programme, launching on Sunday 5 September at 9pm. The presenter is Adrian Goldberg.

You can listen to 5 Live and 5 Live Sports Extra via DAB radio, online at bbc.co.uk/5live, digital Freeview, Sky, Freesat, Virgin Media and 909 & 693AM.

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