Ahsan Ali Syed is closing in on a takeover of Racing Santander.

Ali Syed came close to buying Blackburn Rovers last year and is now on the verge of completing a takeover of Racing.

Ali Syed will become the second foreign owner of a Spanish club, following Qatar billionaire Abdullaha din Nasser Al-Thani's takeover of Malaga in May.

"I look forward to an active and long-term commitment to this great club and will invest all my knowledge and financial strength to elevate the club to the highest level of success in Spain and Europe," Syed said in a statement.

"Having studied several options from various countries in the last few months Real Racing Club de Santander has fit into my strategy as it is a well-managed club with a long term potential.

"Sport has always been a good investment opportunity; especially if it is combined with passion and dream. Football is not only an investment for me but my personal passion. So owning a football club and watching my team play has always been my dream."