Leicester City’s search for a new owner has taken another dramatic twist after Saudi sports powerbroker Turki Alalshikh was reportedly approached over a potential takeover of the club.
The move comes just weeks after Alalshikh pulled out of a proposed purchase of East Midlands rivals Derby County at the eleventh hour.
The Foxes are currently exploring a sale through investment banking giant CitiGroup, with reports suggesting interested parties had until September 14 to submit initial bids.
Alalshikh appeared set to complete a takeover of Derby in August before sensationally withdrawing shortly before an official announcement was due to be made, despite reportedly receiving the necessary approvals.
Now the Saudi boxing chief has emerged as a possible player in Leicester’s ownership battle.
But he is far from the only bidder.
One group already in the running is the Bharat Consortium Group, fronted by Scottish-Indian businessman Neil Lal, who says he has already made an approach to the club.
Speaking to talkSPORT, Lal revealed concerns over Leicester’s valuation and financial position.
“We are all wealthy businessmen,” he said. “Rather than going through the bankers of Leicester City Football Club, we have contacted the board directly, which saves time. We have made an offer.
“It is now a waiting game, but we are in contact with the club, which is a positive. Our key objective is financial stability from the start.”
According to Lal, Leicester owner Aiyawatt ‘Top’ Srivaddhanaprabha is seeking more than £200 million for the club, with any buyer also expected to take on significant debts and future liabilities.
And the businessman believes the asking price is too high.
“In my view, the club is overvalued,” he said.
“Leicester is valued as a successful Championship club, and yet it’s in League One. For me, the valuation is over the top.
“The debt is a major concern, and the future liabilities. We’ve got to look at the books. That’s important.”
Lal also warned that the club could face deeper problems if its on-field fortunes continue to decline.
“I hope I am wrong, but I fear if something is not done quickly there could be more financial struggles ahead for Leicester.
“If we’re going to progress further and Leicester is falling down, it doesn’t bode well. If, God forbid, Leicester ever drops down to League Two, financially it’s Armageddon.”
The Bharat Consortium Group is said to consist of four investors, each seeking a 25 per cent stake, with substantial backing from India.
Leicester’s ownership team has tasked CitiGroup with finding a buyer, and talkSPORT reports that at least three groups remain active in the process.
An investment prospectus reportedly highlights Leicester’s history, infrastructure and the attraction of being based in England’s third-largest city with only one professional football club.
