5 takeovers that destroyed football clubs

#3 Ahsan Ali Syed (Racing Santander)

Racing Santander was destroyed by the mismanagement of Ahsan Ali Syed

'Why shouldn't it be the little club up on the Cantabria coast?'

Those were the words of Ahsan Ali Syed, who completed the takeover of Racing Santander in January 2011. Immediately after the deal, the CEO of Western Gulf Advisory had promised the fans of elevating the club to the stature of Real Madrid and Barcelona.

However, with the only signing of Giovanni Dos Santos from Tottenham on loan wasn't enough for Ali to fulfill his vows. To top the woes, Racing faced relegation after a decade in the Spanish top-tier in 2012.

The club changed three coaches as an after-effect of Ali's takeover and things began to spiral out of control, the exact opposite of what everyone had expected. Apart from the €50m he faked for transfers, the owner left the players waiting for their wages!

But, the players were robbed and the promises made to them were not fulfilled, as Ali disappeared after being found guilty of million-dollar scams and frauds. Coincidently, he had tried to purchase Blackburn Rovers but the English authorities denied him given his sordid past.

Needless to say, the club suffered a financial breakdown and never have been the same ever since. It is currently languishing in Segunda División B, the third division in the Spanish football pyramid.