THE man who fell victim to Blackburn Rovers’ last takeover has warned fans ‘be careful what you wish for’ as the search goes on for new owners.

Rovers’ immediate future continues to be shrouded in uncertainty with several parties understood to be jostling for position in the race to buy the club, but Don Mackay has urged the Ewood faithful ‘don’t underestimate your current lot in life’.

Mackay was axed as Rovers boss in 1991 in favour of Kenny Dalglish, soon after local steel magnate Jack Walker seized control to change the East Lancashire outfit’s history forever.

The Scot is the first to admit Walker’s arrival was the best thing that could have happened to the club but warns a change of ownership does not guarantee a success story.

He said: “The big difference is Jack Walker was Blackburn Rovers through and through. He did not buy the club as an investment, he bought the club because he wanted to move them forward.

“At the time though, I remember the chairman Bill Fox was worried and uncertain.

"He didn’t know what Jack Walker wanted and there were fears what would happen in he walked away and left the club in debt.

“That all proved to be immaterial and Jack was obviously a great thing for the club. It doesn’t mean the next takeover will be though as you would have to be extremely fortunate to find another Jack Walker.

“I understand Rovers would love a bit more money but if you look at the big picture things aren’t too bad as they are they? They are an established Premier League club and fans only to have to think back 20 years or so to see how far they have come.

“It wasn’t too long ago that Bill felt he needed to modernise the stadium a little bit by putting a roof on the toilets. That is how far the club have come.

“I can understand the desire for new owners but it doesn’t always work out the way you want it. Look at Liverpool and Portsmouth. Money doesn’t guarantee success.”

On the day crisis club Liverpool took a step closer to being sold again, with their initial buyers landing the club in millions of pounds worth of debt, Mackay has welcomed Rovers’ ‘no-rush policy’ in the takeover process.

While some supporters start to grow impatient at the seemingly never-ending process, Mackay believes the more checks taken to guarantee the club’s future the better.

Indian businessman Ahsan Ali Syed and Saurin Shah are two known rival bidders, with an unnamed bidder also believed to be well advanced in his efforts, as activity continues behind the scenes.

Mackay said: “The thing about Jack Walker was the club was in a healthy position before he took over. He wasn’t buying into debts like new owners are nowadays. That is where the danger lies.

“You have to look seriously at what are they doing it for? If that is why this process seems to be going on a long time, then Rovers are very much doing the right thing.

“Are these people doing it for the benefit of Blackburn Rovers or are they doing it for themselves and for investment?

"They talk about bringing extra fans to the ground but that is very difficult.

“Bill Fox always said the club would never have the fan base to rival that of the bigger clubs in the area. I’m not sure some of these potential investors understand that.”

While cautious about a change of ownership, Mackay knows it could yet prove a success but believes the cornerstone of Rovers’ future has to be their youth set-up.

“People didn’t believe Jack Walker would achieve his vision but he did.

"I realised at the time I probably would not have been a big enough name for him.

“But in that team it wasn’t just money. There were players who had been brought through from Jim Furnell’s youth team. The likes of David May and Jason Wilcox came through.

“That is what worries me about the game now, are there these players coming through.

"Whatever happens with the takeover, for Rovers to be a success they need to get their youth development right.”