Ahsan Ali Syed, the founder and chairman of Western Gulf Advisory Asset and Wealth Management (WGA), aims to complete the Racing deal by Jan 24, his office said in a statement on Wednesday.
Ali Syed failed in an attempt to buy English Premier League club Blackburn Rovers last year and his takeover bid in Spain follows the purchase of Malaga by a member of the Qatari royal family at the end of last season.
"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," Ali Syed said in a statement.