Burnley takeover: Green light given for £200m deal as new owner ban is overturned | Football | Sport
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Burnley chairman Mike Garlick is preparing to give over his share of the club to a new owner in a £200million deal. The east Lancashire side have been looking to raise investment for many months.
And they are about to get the financial windfall they desire from Cheshire-based sports lawyer Chris Farnell.
Farnell was in talks to buy Charlton Athletic earlier this summer but he failed the EFL’s fit and proper person’s test.
On appeal, that decision was reversed yesterday, giving the green light for him to take charge at Turf Moor.
Farnell claimed he made an administrative error which became a bitter dispute with the EFL.
Farnell will be bankrolled at Burnley by Egyptian businessman Mohamed El Kashashy.
Clarets boss Sean Dyche has grown frustrated with the lack of signing this summer as the club stood to lose £50m because of the coronavirus pandemic.
The new owners are believed to want Dyche to remain in charge and see him as part of their long-term plans.
Meanwhile, a statement on Farnell’s ban being overturned read: “Sports lawyer Chris Farnell was last night given the green light to pursue ownership of a Football League club.
“He was informed his Disqualification Condition has been lifted after successfully appealing to an independent League Arbitration Panel.
“The Panel heard that, an inadvertent mistake had been made during the initial Owners and Directors Test application, and that there was no dishonest or deliberate attempt to provide false or misleading information.
“The decision means Mr Farnell is now free to reapply, under the EFLs OADT, if he wished to do so without prejudice or restriction.”
A spokesman for Mr Farnell, said: “Following a hearing on Tuesday October 28 2020, before an independent League Arbitration Panel, Mr Farnell succeeded in his Review Application of the EFL’s decision to impose a ‘Disqualifying Condition’ upon him under the EFL’s Owners’ and Directors Test.”
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