Yeung may take over Birmingham after new approach
London: Hong Kong businessman Carson Yeung could be on the verge of taking over Birmingham after his investment company again approached the Premier League club.
Birmingham said Wednesday that the approach from Grandtop International Holdings Ltd. "may or may not lead to an offer for the entire issued share capital."
Grandtop already owns a 29.9 percent stake in the club but Yeung`s previous efforts to buy the club two years ago foundered over concerns about the funding of the deal.
"As shareholders will be aware, previous approaches did not proceed and the issue of the funding of any possible offer will be a major factor in determining how the company responds to the approach," Birmingham said in a statement to the London Stock Exchange. "A further announcement updating shareholders will be made when appropriate."
Yeung initially tried to buy the central England team in November 2007, and manager Steve Bruce quit when the businessman refused to sanction the contract that the club had offered him.
Bruce joined Wigan and kept the club in the Premier League while Birmingham was relegated at the end of that season. It was promoted in May and opens the Premier League season at Manchester United on Sunday.
If an investor`s stake reaches 30 percent, they must make a mandatory offer for the remaining shares.
To take full control, Yeung would need to buy the two 23.22 percent stakes owned by David Sullivan and brothers David and Ralph Gold.
More from India
More from World
More from Sports
More from Entertaiment
- Trump-Sharif conversation: Team Donald denies Pakistan's claims
- Aware of Chinese submarine deployment at Balochistan's Gwadar port, says Navy chief
- Hizbul commander Musa issues threats of attacks in new video
- 'Heart of Asia' Conference begins in Amritsar; Sartaj Aziz to pay a visit on Sunday
- Panel discussion over Mamata Banerjee's false allegations on Indian Army for political gains
- Gujarat businessman declares highest ever black money amount – Rs 13,000 crore!
- Army proves Mamata Banerjee wrong, releases letter showing West Bengal govt knew of exercise
- Rs 14,000 crore default case: Gujarat businessman detained, says money belongs to politicians, babus
- Manohar Parrikar exposes Mamata's attempt to politicise routine Army exercise in Kolkata
- Newly-wed couple Yuvraj Singh and Hazel Keech perform `bhangra` at Goa airport – Viral video