Madrid: Indian businessman Ahsan Ali Syed has completed the purchase of La Liga club Racing Santander, his office said on Friday.
"The transaction has been officially approved by both the regional government of Cantabria and the (National Government Sports Council) after an intense due diligence process that analysed and approved Syed's strong financial capabilities to take the club forward," the statement said.
Syed, founder of Bahrain-based asset manager Western Gulf Advisory, is reportedly paying about $ 54 million for Racing Satander, which is currently at 14th position in the La Liga standings.
Once the deal is inked, Ali Syed will become the second foreign businessman to own a Spanish club after Qatar-based Abdullaha bin Nasser Al-Thani bought Malaga for a reported 25 million euros.
Ali Syed had earlier made a bid in August last year for English Premier League club Blackburn Rovers, but failed to reach agreement in negotiations.
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