Bahrain-based Western Gulf Advisory (WGA), which is in a bid to win control over an English Premier League football club, has had its licence suspended after it had allegedly violated regulations by operating outside its remit.

A spokesperson for WGA in Bahrain said they would not be talking to the local media but would make a statement in the UK.

'There is no hidden investor or any outside wealth involved in any way in the investment activities of Western Gulf Advisory,' said Ahsan Ali Syed, WGA chairman and managing director, in a statement to the British media.

'All our investments are based on our own financial resources and strength, and I am the sole shareholder of the company. The Bahraini authorities have asked for clarification on WGA's investment activities and we are co-operating fully with their enquiries.”

'Our Bahrain business is a separate entity to our European businesses such as Western Gulf Advisory AG, based in Switzerland, which has been responsible for executing most of WGA's current investments,” he added.

'WGA's investments are always made by one of its European entities and this will also be the case for the potential takeover of Blackburn Rovers. Our Bahrain business is a separate entity which is not involved in investment activities of WGA at all and has in fact very limited scope of activities,' he said.

'All WGA investments come from the Swiss office,' said a spokesman at their Zug headquarters. 'There is no reason why the takeover of Blackburn Rovers should not proceed.'

A spokesman for Blackburn Rovers Football Club said yesterday that as far as the club was aware, negotiations into the takeover were still ongoing.

Syed's bid for the Lancashire club, who are one of only four English clubs to have won the Premier League, is believed to be worth around GBP300 million ($460.3m) with a pledge of up to GBP100 million to strengthen the playing squad. – TradeArabia News Service