Premier League club Burnley set for £200m takeover by Egyptian tycoon Mohamed El Kashashy

The previous summer was replete with talks of a Newcastle United takeover by a Saudi Arabian consortium involving Crown Prince Mohammed bin Salman. Although the Newcastle takeover failed to materialise due to various geopolitical complexities, Burnley are now set for a takeover, with an Egyptian businessman interested in investing his fortunes in the Premier League.

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Burnley takeover fee estimated at £200 million

As quoted by sports publication Mirror, Burnley are set to be sold to an Egyptian businessman named Mohamed El Kashashy. The report claims the businessman is willing to pay £200 million for the takeover. El Kashashy and sports lawyer Chris Farnell have put pen to paper with Burnley following an agreement with club chairman Mike Garlick.

Interestingly, Farnell recently had a ban lifted against him from being an owner of a football club, following his previous attempt to acquire Charlton Athletic. The sports lawyer appealed to the EFL that he had made an administrative error, which resulted in a bitter conflict with the body. He has now received the green light for the Burnley takeover.

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Burnley chairman Garlick confirms losses amid pandemic 

The report suggests that El Kashashy and Farnell have already provided the requisite proof of funds for the takeover. They are now awaiting the Premier League's directors and owners test, a final obstacle in their attempt to acquire a club in the English top-flight. The report also claims that the Egyptian businessman has been keen on the takeover for more than a year now. 

Garlick is said to have admitted that his club stands to lose at least £50 million because of the coronavirus pandemic. The chairman has been keen on outside investment for a long time and believes the current deal meets his requirements and a takeover is all but done. 

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Who is Mohamed El Kashashy? 

Mohamed El Kashsashy is a Strategic Private Equity Director based in Egypt. He has amassed massive wealth, being one of the food and leisure heavyweights, though the Mohamed El Kashashy net worth figures are not out in the public domain. He is an alumnus of the American University in Cairo, holding a Bachelor's degree in business administration and management. 

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Image courtesy: Burnley Twitter