MADRID - Indian businessman Ahsan Ali Syed
has completed the purchase of Racing Santander, his office said
on Friday without giving financial details.
The founder and chairman of investment company Western Gulf
Advisory, Syed failed in an attempt to buy English Premier
League club Blackburn Rovers last year.
Syed's office said in a statement the deal to buy the La
Liga club had been approved by the regional government of
Cantabria and Spain's national sports council (CSD).
"I look forward to an active and long-term commitment to
this great club and will invest all my knowledge and financial
strength to elevate the club to the highest level of success in
Spain and Europe," Syed said in the statement.
Racing representatives were not immediately available for
Syed's foray into Spain follows the purchase of Racing's La
Liga rivals Malaga by a member of the Qatari royal family at the
end of last season.
A Mexican businessman is also trying to buy Real Oviedo, a
former first-division club that has dropped to the third tier,
Spanish media have reported.
A heavily indebted club in the north of the country, Racing
have a famous fan in Spanish golfer and local resident Seve
Ballesteros and have come under foreign control before.
Ukrainian-born American businessman Dmitry Piterman bought
into the club and was president between 2003 and 2004.
The colourful Piterman hit the headlines when he clashed
with the football federation (RFEF) over his attempts at coaching
the team himself despite not having the correct permit.
Racing has suffered the financial problems affecting many of
their Spanish peers. A study by a University of Barcelona
accounting professor published last year showed it had total
debts of almost 140 million euros.
They are currently 14th in La Liga at the halfway stage of
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