THE Indian tycoon confident of completing a £300million takeover of Rovers has declared: ‘We want to make you title contenders once again’.

Ahsan Ali Syed, 36, head of Bahrain-Swiss investment firm Western Gulf Advisory (WGA), is expecting to sign a memorandum of understanding (MoU) at Ewood Park on Monday after making an acceptable offer to owners the Walker Trust.

WGA says the memorandum will grant it a four-week period of exclusivity in which no other bidder can buy the club or look into Rovers’ books as it explores the finances.

The agreement it expects to sign on Monday will not tie either party, however, into a definite sale.

And while Mr Syed’s group will carry out its investigations, Rovers are also expected to continue their research into the potential buyer.

WGA has earmarked approximately £300million to acquire the club, cover its outstanding debts and provide the necessary capital to buy new players and invest in the long term.

The group's stated aim is to make Blackburn Rovers 'a title contender once again'.

However, the WGA will not take a Manchester City-style approach but instead hope to restore the glory days by steady investment.

It is also understood that Mr Syed is happy with the club's current managerial regime of boss Sam Allardyce and chairman John Williams.

Blackburn Rovers declined to comment on the news, first revealed on the Lancashire Telegraph website yesterday morning, except to repeat 'negotiations are ongoing'.

Mr Syed, though, is confident about completing a successful purchase and his team are hopeful they can tie up the deal before the end of the four-week period.

French football marketing pioneer Jean-Claude Darmon signed a consultancy agreement with WGA earlier this week and will be part of the negotiation team expected at Ewood Park on Monday.

The Premier League is unable to comment but has confirmed it is monitoring the situation at Rovers.

Mr Syed will have to meet a number of its new regulations designed to reduce the risk of another club going the same way as cash-stricken Portsmouth.

London-educated Mr Syed is believed to hold at least a 90 per cent stake in WGA, which has assets worth more than £8billion, which would make him the fourth richest owner in the Premier League.

Just four days before the 10-year anniversary of the death of steel magnate and Rovers legend Jack Walker, supporters will be dreaming of one day seeing their Premier League glory days return.

Walker’s love for Rovers and his financial backing saw the club complete a meteoric rise which ultimately ended in winning the Premier League title in 1995.

But Rovers fans have reacted to the news with a mixture of caution and optimism, hoping any new owners are ‘in it for the right reasons’ and respect the traditions of the club.

If an MoU is signed on Monday the two parties will have effectively agreed a ‘heads of terms’ for investment, which records what has been agreed in principle between parties prior to reaching the stage of entering into formal, contractual documentation.

These will inevitably be subject to contract and satisfactory due diligence - opening up the books - but are for the moment largely unbinding.

WGA, which made its interest in the club public a week ago last Wednesday, is targeting the UK for investments and it plans to invest a significant amount over 2010.

The company does not receive any fund from external resources, with the Hyderabad entrepreneur proposing to channel personal family funds through the firm to complete the takeover.

He is understood to be ready to clear the club's debts of around £20million and to have offered an unspecified amount to the Walker Trust for its equity in the club.

A Muslim currently fasting for Ramadan, the married father-of-three’s family is said to have been one of most prominent in Hyderabad over the last 150 years.

Mr Syed enjoys horse riding and owns a large stables in Bahrain which produces racehorses.

Confidentiality agreements mean WGA was unable to comment on some aspects of the approach.

But a spokesperson for WGA said: “We have a four-week exclusive period.

“This gives us the necessary time-frame to conduct our due diligence.

"However, we hope to proceed faster than that.

"WGA has earmarked approximately £300 million to acquire the club, cover its outstanding debts and provide the necessary capital to buy new players and invest over the longer term so it can once again become a title contender."

Meanwhile another Blackburn Rovers suitor, Indian businessman Saurin Shah, was unavailable for comment last night after insisting a week ago he was still hopeful of buying the club.

Mr Shah, a little-know Mumbai businessman, was understood to be hopeful on reaching the due diligence stage in the near future but could now have lost the race.