Rival bidder withdraws offer to buy Burnley Football Club

With ALK Capital closing in on a takeover , as they await the final sign off from all parties on the terms of the deal and full Premier League approval, the rival bid from sports lawyer Chris Farnell and Egyptian businessman Mohamed El Kashashy have lost patience with Clarets chairman Mike Garlick.

Farnell and El Kashashy felt they were still very much in the frame, having signed a Sales and Purchase Agreement (SPA) and provided proof of funding.

They have been waiting on the Premier League’s owners and directors test, which they felt was the final hurdle to clear, and were hopeful of news in that respect at the end of November or beginning of December.

However, they have had to play a waiting game on that front, and ALK have stolen a march.

After 14 months of constant contact with Garlick, they have gone six weeks without speaking to him, and have decided enough is enough.

Farnell, based in Cheshire, was prepared to be hands on, involved full time around the clock, but he and El Kashashy feel they cannot wait indefinitely, and may now pursue other business interests.

There is no bad blood between the parties, and they are thought to be genuinely disappointed, having put so much time and effort into their bid, which included plans for the community, along with growing the club and the success it has enjoyed under Sean Dyche in the Premier League.

That now leaves the way clear for ALK.

The Premier League have reviewed most of ALK’s application, and are currently awaiting a few final legal documents from ALK and Burnley, and are expected to give their blessing.

ALK had been confident of getting things done in time for Christmas, but as reported last week, managing partner Alan Pace feels they could still be active and boost Dyche’s hand in the January transfer window.

As part of his due diligence, Pace has discussed future recruitment plans and priorities with the club, to ensure he’s fully prepared to immediately action any business, should the takeover be completed.

And they are buoyed by Burnley’s upturn in fortunes – taking 12 points from seven games to climb out of the bottom three.

Dyche would welcome a helping hand in the market, as he said last week: “I don’t know the owners, what I have read is what you have written. It is a strange situation but that is what I know.

“Until you get to sit down with people, if there is a takeover, then you don’t really know.

”It is watch this space and work diligently on possible situations if they arise.

“At the minute, as you have seen with our colossal spending amounts in the summer, I don’t think there is going to be a fortune available if there isn’t a takeover.

“I would be very surprised if there is, because there wasn’t in the summer, so I don’t see why that would change.

“But people soon forget, we have some really good players here and a very competitive group.

“The thing that is stretching the story is that we have had so many injuries.

“It looked like you ran out of players, which we kind of had, but there were lots of reasons for that. At one point we had nigh on 11 injuries, certainly seven key injuries.”