An Egyptian businessman could reportedly become the next African owner of a Premier League club after signing a whopping R4.2 billion purchase agreement to buy the team.
According to the Daily Mirror, Mohamed El Kashashy, who made his money in the food industry, is set to buy Premier League side Burnley.
The Egyptian, together with sports lawyer Chris Farnell, has signed sale and purchase agreements with the English top-flight club after agreeing a £200 million (R4.2 billion) deal with chairman Mike Garlick.
The pair have reportedly already provided proof of funds, and have only one final hurdle to pass: the Premier League's owners and directors test.
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The negotiations regarding the sale of Burnley have reportedly been going on for more than a year, but the coronavirus pandemic has put current owner Garlick under more pressure to sell, with the club reportedly losing out on £50 million (R1 billion) due the negative financial impact of COVID-19.
The limited financial resources available are said to have caused tension between Burnley manager Sean Dyche and the club's hierarchy, especially after the Premier League side spent just £1 million (R21 million) in the most recent transfer window.
It is understood that there will not be wholesale changes at the club under El Kashashy and company, and that they have Dyche as central figure in their long-term plans.
Burnley is the latest club to linked with a takeover after Newcastle United, who were on the brink of being sold before the deal broke down earlier this year.
El Kashashy would become the second African owner of a Premier League side after his countryman Nassef Sawiris, who is Aston Villa's majority owner.