Venky's complete Blackburn takeover
Indian company Venky's on Friday completed its takeover of Blackburn Rovers.
In a statement, the club's board confirmed the sale of the Jack Walker Trust's 99.9% shareholding in the club to the company owned by Rao family of India. Venky's paid £23million for the shares, according to the statement.
"We are very pleased to be passing on the Rovers to the Rao family," said Paul Egerton-Vernon, chairman of the Jack Walker Settlement Trustees.
"We have been impressed with their enthusiasm for the club and their plans and ideas for future investment to develop it further as well as their wish and commitment to preserve the legacy of Jack Walker."
Egerton-Vernon added that Venky's would keep in place the club's current management team, led by chairman John Williams.
Venky's - short for Venkateshwara Hatcheries Group - set only modest targets for the club during the takeover process, but sounded more ambitious on Friday.
"We are all truly honoured to be working with such an historic club and are committed to creating a long-term financial platform which the club can use to realise its obvious potential on and off the field," said Venkateshwara Rao, joint managing director of Venky's.
"It is as a team that this club has succeeded in the past and it is as a team that this club will achieve great things in the future."