Indian poultry firm Venky's Limited is set to take over English Premier League (EPL) side Blackburn Rovers with the deal likely to be completed next month, the club said on Tuesday.
If the deal gets finalised, Venky's, the flagship company of Pune-based Venkateshwara Hatcheries Group, will be the first Indian firm to own an English Premier League club.
The company, which specialises in poultry farming and pharmaceuticals, has held several meetings with the Rovers and the Premier League.
Reports say the Indian company is likely to pay 40 million pounds (approx Rs 280 crore) if the deal materialises. Rovers chairman John Williams said the takeover is close to completion and both parties were "hopeful" the deal would be through next month.
"A series of meetings, including discussions with the Premier League, have followed an extensive due diligence process. Both parties are hopeful that the transaction will be completed in November," Williams said on his club's official website.
In a statement on the Rovers website, VH Group chairperson Anuradha J Desai said, "We expect to be the first Indian company to acquire a Premier League team. We are particularly delighted that the team is Blackburn Rovers, with whom we believe we have shared many values and ambitions."
Rovers manager Sam Allardyce said that the takeover would infuse fresh investment into the club.
"The sooner the club changes hands the better. New investment is needed and we have not had it for a long time. Without it a business will crumble and fall," Allardyce said.
Rovers, based in the Blackburn town of Lancashire, are currently just outside the Premier League relegation zone on goal difference and have won just once since the opening day of the season.
The VH Group is Rs 17 billion conglomerate, the largest Asian poultry group. The group is highly diversified with businesses with interests in poultry, processed food, animal vaccines, pharma and healthcare products.
According to its website, Venky's, formerly known as Western Hatcheries Ltd., was established in 1976, mainly to produce chicks for the poultry markets of north India.
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