Salford nearing takeover completion
30th January 2013
Salford City Reds are poised to announce the completion of the club's takeover by millionaire racehorse owner Dr Marwan Koukash.
The St Helens-based businessman, who is a former Palestinian refugee, has been locked in negotiations for a fortnight but is expected to become the Super League club's new owner and chairman in time for Friday night's opening game against Wigan Warriors.
It is thought the final touches were being applied to legal documents and paperwork today and Salford have called a media conference tomorrow lunchtime "relating to the ownership of the Super League club".
Koukash, who has pledged to transform the fortunes of the ailing City Reds, is also expected to buy a stake in the Salford City Stadium which the club share with Aviva Premiership club Sale Sharks.
The £26million stadium at Barton is jointly owned by Salford Council and developers Peel Holdings but Koukash believes the City Reds need a stake if they are to become financially viable.
The club are due back in court in Manchester on Monday to face a winding-up petition brought by HM Inland Revenue and former players Vinnie Anderson and Luke Patten over unpaid bills.