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.
First Published: Wednesday, August 12, 2009, 16:07