The proposed American takeover of EPL side Burnley is reportedly "now in doubt" after a rival £200M ($260M) bid led by Cheshire-based sports lawyer Chris Farnell and Egyptian entrepreneur Mohamed Elkashashy “cleared a significant regulatory hurdle.” ALK Capital has been the "frontrunner to buy the club for several months" but talks between the American sports investment firm and Burnley’s main shareholders Mike Garlick and John Banaszkiewicz have stalled. It is understood that "Garlick, who owns 49.24 per cent of the shares, has also been talking to Farnell and Elkashashy for almost a year but their identities have not been publicly linked with the club until now." Farnell has been embroiled in the chaotic takeover saga at Charlton Athletic. The rights and wrongs of that episode are "still to be fully resolved but the 50-year-old lawyer has been successful in overturning a ban from becoming a director of an English soccer club." It is understood Farnell and Elkashashy, who was also linked with Charlton this summer, now intend to "proceed with their £200M bid for Burnley" (THE ATHLETIC.com, 10/28).
