Madrid, Jan 21 (IANS) Indian businessman Ahsan Ali Syed is close to buying Spanish football club Racing Santander for a reported 30-40 million euros.

The deal between Ali Syed and the La Liga club could be inked Monday, Spanish daily El Diario Montanes reported.

"After studying options in different countries in the past months, we know that Racing fits our strategy because it is a well-managed club and has great long-term potential," Ali Syed said in a statement.

After the buyout, the tycoon intends to invest 90 million euros in the next five years.

"Sport has always been a good investment opportunity, especially if it is combined with passion and dreams. Football is not just an investment for me but also a personal passion. For that reason it has always been a dream of mine to own a football club and see my team play," he said.

If the deal is through, Ali Syed would become the second foreign businessman to own a Spanish club after Qatar based Abdullaha bin Nasser Al-Thani bought Malaga for a reported 25 million euros.

The Racing Santander is currently at 14th position in the La Liga standings.

Ali Syed, who owns Western Gulf Advisory based in Bahrain and Switzerland, made a bid in August last year for English Premier League club Blackburn Rovers but failed to reach agreement in negotiations.