MADRID - Racing Santander have asked the
regional government of Cantabria and the club's previous owners
to step in if the businessman who bought the club in January
does not honour his financial commitments.
Indian Ahsan Ali Syed, the founder and chairman of
investment company Western Gulf Advisory (WGA), aquired a
majority stake in Racing in January and set out ambitious goals
for the north-coast club.
However, president Francisco Pernia and director general
Roberto Bedoya told a media briefing on Tuesday the club's
previous owners, Dumviro Ventures, and the regional government
should take legal action to reverse the sale unless Ali Syed's
pledges were fulfilled.
A Racing spokesman said those pledges included cash to help
the club settle a debt of some 13.5 million euros with players and one of around 9 million euros with the
Racing also want the government, if necessary, to guarantee
a loan of as much as 7 million euros as they attempt to avoid
seeking voluntary administration.
"The club has shown more than enough patience," Pernia was
quoted as saying in local media.
"It's starting to get urgent," Bedoya added. The government
and the previous owners, both of whom are owed money by Ali Syed
according to Spanish media, should step in as Racing were unable
to take legal action themselves, he said.
WGA officials could not immediately be reached for comment.
Ali Syed, who failed in an attempt to buy English Premier
League club Blackburn Rovers last year, told Reuters in February
he believed Racing could one day compete with La Liga giants
Barcelona and Real Madrid.
He said he was ready to invest whatever it took to return
the club to European competition.
Bedoya told reporters on Tuesday the club was looking for a
new investor who would be able to inject around 10 million euros
into the cash-strapped club.
Marcelino Garcia, who coached the club to 12th place last
season, walked away from his contract and this week agreed to
join Racing's La Liga rivals Sevilla, accusing Ali Syed of
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