Indian entrepreneur Ahsan Ali Syed officially took over as owner of Spanish First Division side Racing Santander he announced today.
Syed - who made an unsuccessful £300m bid to buy Premier League side Blackburn Rovers earlier this season - promised that he would bring in new blood to the squad starting with Serbian international striker Nikola Zigic from Birmingham City.
Syed, founder of Bahrain-based asset manager Western Gulf Advisory, said in a statement that he was set to come to Santander later today to reveal details of the deal and his plans for the future of the club.
"Mr. Ali Syed will arrive in Santander to present the acquisition agreement of Racing de Santander," the statement read. "Mr. Ali Syed will arrive in Santander today to make the official presentation of the deal to the press media and to the Racing supporters."
"Yesterday night, in Credit Suisse offices in Zurich, Ahsan Ali Syed, the regional Government of Cantabria, and Dumviro Ventures, signed an agreement by which the Indian entrepreneur becomes the new major shareholder of the Spanish Premier League Club, Racing de Santander.
"After several weeks of intensive negotiations, the agreement will clarify the financial situation of Racing de Santander and will allow the football club to focus on improving its results and position in La Liga."
Zigic would represent a big name signing for the club, though, the 30-year-old made one of his more effective performances for Birmingham in Wednesday's League Cup semi-final win over West Ham. Syed becomes the second foreign businessman to invest in a Spanish club in the past year, Malaga was bought last May by a member of the Qatari royal family, Sheikh Abdallah Ben Nasser Al-Thani.
Santander, whose best ever finish in the Spanish Championship was second in the 1930/31 season and have reached the Spanish Cup semi-finals twice, are presently 14th in the championship, having finished 16th last season.