This might be a tough one. I saw a semi-local auction for an old racer, and it truly caught my attention, see attached picture. The seller doesn't know much about the bike, as it belonged to her late father.

What is known is that the bike was bought from Sweden and brought to Finland in the 1940's, and that it has been used in competitions. It's a three speed. The paint is not original. Not much can be seen from the picture, but can someone give me some leads? Is the chainring recognizable? Were there any major racing bike manufacturers in Sweden in late 30's or 40's?

I'm not familiar at all with bikes this old. What are the most propable difficulties I'll run in the restoration, if I choose to buy it?