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Sport Burnley 'set for £200m takeover from firm led by ex Charlton lawyer'

21:40  28 october  2020
21:40  28 october  2020 Source:   dailymail.co.uk

West Brom hold Burnley to battling 0-0 draw

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Burnley are set to receive a £ 200 million takeover bid from a new consortium. The club were in negotiations with a US-based consortium but Ex - Charlton lawyer Chris Farnell has been cleared to launch his bid for the club. He had a ban on becoming an football director lifted after his involvement

Burnley ‘ set for £ 200 m takeover from new firm led by former Charlton lawyer Chris Farnell’. Eddie Jones is expected to name an experienced line-up today for England’s first Test match since lockdown, led by Owen Farrell as the primary playmaker in a revamped back line.

a man wearing a suit and tie smiling and looking at the camera: MailOnline logo © Provided by Daily Mail MailOnline logo

Burnley's takeover by an American consortium looks to be on the rocks as a rival firm have been cleared to press ahead with a £200m bid for the club, reports claim.

The Premier League outfit looked certain to be purchased by ALK Capital, run by former Real Salt Lake chief Alan Pace, but talks with chairman Mike Garlick and director John Banaszkiewicz have hit a snag, according to the Athletic.

Now sports lawyer Chris Farnell and Egyptian businessman Mohamed Elkashashy are set to push their own bid through, the report adds, after the former successfully overturned a ban on becoming a director at an English football club having been involved in a turbulent takeover at Charlton earlier this year.

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Burnley ' set for £ 200 m takeover from firm led by ex Charlton lawyer '. The Premier League outfit looked certain to be purchased by ALK Capital, run by former Burnley ' set for £ 200 m takeover from new firm led by former Charlton lawyer Chris Farnell after talks with US-based consortium stalled'.

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a large stadium with green grass: Burnley are reportedly bracing for a new £200m takeover bid after talks with a US firm stalled © Provided by Daily Mail Burnley are reportedly bracing for a new £200m takeover bid after talks with a US firm stalled Bill Kenwright, Roberto Martinez standing next to a man in a suit and tie: The new firm, led by sports lawyer Chris Farnell (right), has been cleared to launch their bid after the 50-year-old has his ban on becoming an English football director overturned © Provided by Daily Mail The new firm, led by sports lawyer Chris Farnell (right), has been cleared to launch their bid after the 50-year-old has his ban on becoming an English football director overturned

Farnell claimed he failed the English Football League's Owners' and Directors' Test (ODT) because of an administrative mix-up, and a tribunal this week agreed he had not tried to mislead the EFL - meaning he has been given the green light to wrap up the takeover.

He was appointed as a lawyer at Charlton this year to advise the club and majority shareholder Tahnoon Nimer amid a boardroom battle, but was asked to end his involvement by owners ESI in August.

Towards the takeover of Burnley by an American-Egyptian consortium?

 Towards the takeover of Burnley by an American-Egyptian consortium? © Supplied by Sofoot A hot file in Bur (l) ney. In the Premier League, even bad students are courted. Eighteenth with a point taken in five games, Burnley struggles to confirm his last convincing season. Currently owned by the British firm Longside Properties Limited, the Clarets are the subject of an agreement which would soon see them pass under the American flag, through the company ALK Capital, in order to respond to the capital increase requested by the club president Mike Garlick.

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Potential: But Charlton appear set to stay in the hands of Tony Jiminez and Michael Slater. Harris' riches would have provided Charlton with a major financial boost, with current co-owners Tony Jimenez and Michael Slater listening to offers for the Addicks. Manager Chris Powell and a number of players

The 50-year-old claimed his only intention was to provide the club with legal assistance 'for a short time', adding: 'I was never a director or owner of the football club, nor was I ever intending to be.

a man wearing a suit and tie: Clarets chairman Mike Garlick is looking to sell the club after being hit hard by coronavirus © Provided by Daily Mail Clarets chairman Mike Garlick is looking to sell the club after being hit hard by coronavirus Sean Dyche wearing a suit and tie: There are tensions between Dyche (left) and Mike Garlick as Burnley struggled in the market © Provided by Daily Mail There are tensions between Dyche (left) and Mike Garlick as Burnley struggled in the market

Farnell and Elkashashy have been in talks to buy Burnley over the last year, but ALK Capital's negotiations were at a more advanced stage. Sportsmail reported that Garlick, who has a 49.24 per cent stake in the club, has met with the company's chief Pace a number of times but has never been able to strike a deal.

Burnley endured a difficult summer after being hit by financial implications posed by the coronavirus pandemic and brought in just one signing of note - Brighton midfielder Dale Stephens for £1.5million, with manager Sean Dyche left frustrated at the club's lack of flexibility in the market.

As a result, Garlick has been looking for new owners after admitting that Burnley could lose £50m if the outbreak continues to cripple the country. This year the Claret and Blue posted profits of just £4.3m.

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