By David Gold
May 10 – Ahsan Ali Syed has defaulted on a repayment of Racing Santander’s debt to their regional Government, placing his takeover of the club in doubt.
Syed bought the club in January, wiping out €6.7 million (£5.8 million/$9.6 million) of the club’s debt in doing so, but the local authority have the right to cancel the purchase if he misses next month’s instalment.
The Government of Cantabria called in the guarantee this month, and relegation plagued Santander said that Syed has been unavailable for comment.
Syed was in the running to buy Premier League outfit Blackburn Rovers last August but they were eventually purchased by Venky’s.
The multi-millionaire was one of three foreign investors to buy La Liga sides this term, with Getafe and Malaga also bought by Middle Eastern backers.
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