Egyptian businessman Mohamed El Kashashy is set to buy Burnley in an amazing £200m takeover.
El Kashashy and sports lawyer Chris Farnell have signed sale and purchase agreements with the Premier League club after agreeing a deal with Burnley chairman Mike Garlick.
It comes after Cheshire-based Farnell had his ban from being an owner of a football club lifted by the EFL after his previous attempt to buy Charlton Athletic.
Farnell appealed the disqualification, having claimed that he had made an administrative error and it then became a bitter dispute with the EFL but he has now been cleared to buy Burnley.
El Kashashy and Farnell have already provided proof of funds and the final obstacle is to pass the Premier League’s owners and directors test.
Millionaire businessman El Kashashy made his money in food and the talks to buy Burnley have been going on for more than a year with the club up for sale for some time.
El Kashashy is keen to buy an English club, having also been interested in the Charlton consortium but has now pulled off a Premier League coup.
Garlick has admitted that he has struggled amid the coronavirus pandemic and with the impact that has had at Turf Moor.
He had also been in talks with American investment firm ALK Capital, who believed they were close to a deal.
Burnley spent just £1million in the summer window in bringing in Dale Stephens from Brighton while squad goalkeeper Will Norris arrived on a free transfer.
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Garlick admitted the club stood to lose £50m because of the pandemic, was concerned about the long term financial impact and the club is believed to have been on the market long before the pandemic.
The financial constraints caused major tensions between Burnley boss Sean Dyche and the hierarchy as they struggled to bring in new signings and to strengthen the squad.
The new owners insist there will be no huge wholesale changes at the club, although fans will be keen for them to spend and strengthen the squad.
But Dyche is believed to be central to their long term plans, they have the utmost respect for him and want him to stay.