AHSAN Ali Syed’s bid to purchase Blackburn Rovers is growing in uncertainty with time running out for the Indian tycoon to conclude a deal.

While Ali’s representatives insist everything is still on track, the Lancashire Telegraph understands the prospect of him taking control is growing increasingly unlikely.

Correspondence between Rovers and Syed’s group continues but, with no sign of a solution to several outstanding issues, the sellers are believed to be seriously considering other options.

Talks are also continuing between Rothschilds and an unnamed bidder this week and, while their identity remains a closely guarded secret, it is understood they are ready to move ahead in the takeover process.

Sources over the weekend suggested Indian industrial conglomerate The Mahindra Group could be the ‘mystery bidder’ but the Lancashire Telegraph now understand this to be false.

Mumbai businessman Saurin Shah remains in contention to buy the club although his bid is currently ‘inactive’ as he waits to see what happens to the other bidders, believed to have substantially more funds than himself.

Rothschilds, the investment bank charged with selling Rovers for the Walker Trust, and Rovers will have to decide how long they can afford to give prospective buyers before looking at other options.

All parties involved in the takeover process are remaining tight lipped but there is constant activity behind the scenes as the club searches for a much-needed cash injection.

Mr Ali Syed, head of Swiss-Bahrain based investment firm Western Gulf Advisory, emerged as the front runner in the race to buy Rovers when he pledged £300million back in August.

His negotiations team swept into Ewood Park amid much publicity to sign a memorandum of understanding, which gave them a four-week period to look into the club’s books.

Their bid has since suffered much adverse attention, including BBC 5Live making allegations about Mr Ali and his Bahrain firm being closed down by the authorities due to an investigation into the source of their funds and a clarification of transactions.

Mr Ali’s representatives have always insisted their bid remains on track though and are still pursuing their attempts to buy the club.