THE football tycoon who bought Studley Castle - MG Rover's most prized asset - for £4.5 million, is planning a multi-million pound revamp of the property.

According to property specialists CB Richard Ellis of Birmingham who negotiated the sale, Tanzanian entrepreneur Firoz Kasam wants to bring the wedding and conference venue up to "the best international standards".

The 57-bedroom manor was put on the market in May after MG Rover's parent company Phoenix Venture Holdings (PVH) went into administration.

PVH is planning to transfer the proceeds from the disposal of the building to the Longbridge Employee Trust, set up to aid former workers at MG Rover.

Mr Kasam, who's company the Firoka Group, also owns Oxford United Football Club and a string of hotels, is reputed to be worth £120 million.

He was one of eight bidders in the race for the Grade II listed building and his offer was accepted on Monday, August 22.

He intends to continue to run the Castle Road property as a wedding and conference venue and all existing bookings will be honoured.

CB Richard Ellis director Simon Horan said: "Studley Castle is a unique property. It's age, the different uses it has had over the years - including a private dwelling, an agricultural college and conference centre for Rover - made it a very interesting proposition."

"The level of interest from potential buyers was very high, with eight bidders entering the final leg to secure the property."