Published: Saturday, 2 October 2010
Takeover Saga Draws Near Completion
The long-drawn-out takeover saga is, according to sources, drawing to a conclusion, with a decision possible within the next two weeks.
BRFCS believe that the identity of the mystery bidders is the "Mahindra Group". Mahindra is a huge company based in India but it has interests all over the world which include sporting interests. The group has an annual turnover of $6 billion dollars.
The Mahindra Group is among the top 10 industrial houses in India. It is the market leader in multi-utility vehicles in India and made a milestone entry into the passenger car sector with the Logan. Mahindra & Mahindra is the only Indian company among the top tractor brands in the world.
The Group has a leading presence in key sectors of the Indian economy, including financial services, trade, retail and logistics, automotive components, after-market, information technology and infrastructure development.
BRFCS believe that Mahindra is the mystery bidder who has been trying to purchase Rovers for the last four weeks. This information has not been confirmed, but a spokesperson for Mahindra has told BRFCS that "they are unable to comment on this matter at present".
In the meantime, Syed Ali is continuing with his due diligence and sources have indicated that he has made very good progress over the last week or so. A spokesperson for Mr Ali has asked for fans to remain patient, as a hugely complex financial decision is involved and it takes time for these types of deals to be concluded. There has been speculation earlier this week that Mr Ali was also looking at Everton as an alternative to Rovers. This rumour has neither been confirmed nor denied by Mr Ali's team.
Meanwhile, Saurin Shah remains in the hunt to purchase Rovers and his representatives have confirmed that they have held more talks with Rovers representatives over the last few weeks. However, Mr Shah has not as yet reached the stage of due diligence whereby a fee of £250,000 is payable.
All evidence seems to suggest that a decision on whether Rovers will be sold will be made very soon.
Updated 3 October 2010, 08:15
Join in our discussion on the Mahindra Group's possible involvement here
Edited by BRFCS News, 03 October 2010 - 07:15 AM.