Indian tycoon Ahsan Ali Syed has bought indebted Spanish football club Racing Santander, his Bahrain-based company announced Friday. The deal was confirmed after it was approved by the government of the northern Spanish region of Cantabria and Spain National Sports Council, the company, Western Gulf Advisory Asset and Wealth Management, said in a statement.
"I am excited and proud to be the new owner" of Santander football club, the statement quoted Syed as saying. It said the acquisition is part of Syed's long-term investment in sporting ventures. No figures were given in the statement, but El Diario Montanes, a regional paper in Cantabria, has put the price at 30-40 million euros (40-54 million dollars).
The deal is to be carried out through the Dutch-based holding company WGA Sports Holding. Syed becomes the second foreign magnate to own a Spanish club along with Qatar billionaire Abdullaha bin Nasser Al-Thani, who bought Malaga in May for 25 million euros.
The Indian businessman made a bid in August last year for English Premier League club Blackburn Rovers but failed to reach agreement in negotiations for a reported 300-million-pound (480-million-dollar) take-over spread over a five-year plan.