Burnley and an Egyptian based group led by Mohamed Elkashasy and Chris Farnel are in talks concerning a takeover of the club, according to The Athletic. The Premier League side had earlier been the subject of a takeover from American based ALK Capital, but the new bid seems to have put the American takeover in doubt.
Burnley in Talks With Egyptian Based Group Over a Proposed Takeover
Chris Farnel and Mohamed Elkashashy Turn Their Attention to the Clarets
According to the report, Egyptian entrepreneur Mohamed Elkashashy and sports lawyer Chris Farnel have rivalled a £200 million offer from ALK Capital to takeover Burnley. The pair of them had recently failed in a bid to sign Charlton Athletic but now looks set to buy the Premier League side.
Mike Garlick, who owns 49.24 per cent of the shares in Burnley, has been in talks with Farnel and Elkashshy for almost a year. The identities of the parties involved had remained anonymous until now.
Throughout the summer, American based sports investment firm, ALK Capital, had been the front runners to take over the Clarets. But the firm has so far failed to get the deal through and reports are now emerging of their owner Alan Pace struggling to raise funds for the takeover.
Hope for Burnley
It has been a tough start to the season for Burnley. While almost every Premier League side made use of the transfer market, the Clarets saw the arrival of Dale Stephens and back-up shot-stopper, Will Norris, at Turf Moor. Much of this has been due to the strained relationship between Sean Dyche and Mike Garlic. The pair of them have been in disagreement over the owners’ investment priorities and the type of player Dyche wants to bring to Burnley.
New management could see an influx of investment in a Burnley side that has once again started the season on a wrong foot. A five-match winless streak has left the Clarets in the relegation zone with just a single point.
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