Blackburn Rovers fans hoping for a repeat of the Jack Walker era under prospective new owner Venky's look likely to be disappointed after the company's chairperson, Anuradha Desai, said they would be "happy to be in the top 10-12" of the Premier League.
Venky's is putting the finishing touches to a £46 million takeover of Blackburn, which will wipe out debts in the region of £19 million. The acquisition has been funded by ICICI Bank but is thought to be an equity-based investment, with the company buying a controlling interest in the club's shareholding and not using leveraged debt.
Desai told The Economic Times of India: "We expect to complete the formalities for the acquisition in the next three to four days although informally, the Premier League has conveyed its happiness over the proposed deal.
"The club has no major losses ... That is not a major financial issue nor does it have accumulated debt. We will pump in whatever is needed but the main thing is to get the club back into good shape. This is an investment and it will grow on its own strength."
Desai said that £5 million would be available for transfers but indicated the loan market would also be used: "We won't need to buy expensive players, we can always lease them.
"We don't expect to be in the top five of the Premier League. We will be happy to be in the top 10-12.
"Football is a global craze and as the VH Group globalises, setting up feed plants and hatcheries around the world, we believe we can benefit from being owners of a major football club. It will help build our brand, too.
"Moreover, we are a protein company, in the health business, and there is synergy with health and sports, and we have been sponsoring tennis and cricket matches and tourneys here, in India. Now that we are going global, we need a global sport, hence a football club."
Manager Sam Allardyce spoke positively about a takeover last week.
Venky's is putting the finishing touches to a £46 million takeover of Blackburn, which will wipe out debts in the region of £19 million. The acquisition has been funded by ICICI Bank but is thought to be an equity-based investment, with the company buying a controlling interest in the club's shareholding and not using leveraged debt.
Desai told The Economic Times of India: "We expect to complete the formalities for the acquisition in the next three to four days although informally, the Premier League has conveyed its happiness over the proposed deal.
"The club has no major losses ... That is not a major financial issue nor does it have accumulated debt. We will pump in whatever is needed but the main thing is to get the club back into good shape. This is an investment and it will grow on its own strength."
Desai said that £5 million would be available for transfers but indicated the loan market would also be used: "We won't need to buy expensive players, we can always lease them.
"We don't expect to be in the top five of the Premier League. We will be happy to be in the top 10-12.
"Football is a global craze and as the VH Group globalises, setting up feed plants and hatcheries around the world, we believe we can benefit from being owners of a major football club. It will help build our brand, too.
"Moreover, we are a protein company, in the health business, and there is synergy with health and sports, and we have been sponsoring tennis and cricket matches and tourneys here, in India. Now that we are going global, we need a global sport, hence a football club."
Manager Sam Allardyce spoke positively about a takeover last week.
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