Yeung’s Birmingham takeover confirmed

November 11, 2009

Hong Kong tycoon Carson Yeung’s takeover of Premier League club Birmingham has been rubber-stamped by the stock exchange.

Yeung took charge at St Andrews last month and Wednesday’s announcement that shares in the holding company have been taken off the stock market was a formality confirming Birmingham’s new status as a private business.

A statement from the City read: “In line with the notification of the company’s delisting that was made on 14 October 2009, the Company is delisted so that its shares are no longer admitted to trading on AIM.”

The statement also confirmed Yeung, Vico Hui and Michael Wiseman as the sole directors of the company and club boards.

Yeung has pledged to invest around 40 millon pounds to help boss Alex McLeish keep Birmingham, currently 15th in the table, in the English top-flight after last season’s promotion.

LONDON (AFP)

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Birmingham´s McLeish sees bright future under Yeung

September 25, 2009

Carson Yeung, the Hong Kong businessman who is in the process of taking over Birmingham, has had his suitability to be a director of a top flight English club approved by the Premier League.

Yeung’s associate Vico Hui Ho Luek has also passed the League’s ‘fit and proper persons’ test, Yeung’s Grandtop International Holdings said in a statement to the Stock Exchange.

The approval came after Grandtop, which is hoping to complete a full buyout of Birmingham’s other shareholders early next month, said it had raised its stake in the club to 81.7 percent.

Saturday’s match against Bolton will be the last under the current regime of co-owner David Sullivan and managing director Karren Brady and Birmingham manager Alex McLeish said he was looking forward to working under Yeung, although it is still unclear whether he will be granted significant sums for new players.

“It looks pretty certain that we will be looking forward to a new era now,” the former Scotland manager said. “There is a buzz about the place and the fans are anticipating another step forward.”

McLeish is hoping to meet Yeung soon and insisted he was not concerned that the new owner might want to bring in a new manager.

“I don’t know a lot about things yet but that makes it a bit more exciting and I don’t have any fear or anything like that,” he added.

“This is something I have a great anticipation for and I am waiting for it to happen.

“I’m looking forward to working for the new owners and let’s hope we can take the club forward.

“I don’t think there is any problem now with me picking up the phone and speaking to Carson’s people and, as soon as we set up a meeting, that will be excellent.”

McLeish added: “I don’t have any trepidation with the new owner taking over. As far as I am aware, my contract protects me.

“But I am looking at it positively, having new owners, working together.

“They are ambitious, I’m ambitious, let’s see if we can take the club to another level.

“People ask if we will be the next Manchester City and I’d certainly like to think I’d choose the right players if we do get a big pot of gold.”

Grandtop’s statement to the Stock Exchange read: “The Premier League has confirmed to Grandtop that it has no objection to Grandtop increasing its stake in Birmingham City PLC to over 30percent.

“The Premier League has also confirmed that Carson Yeung Ka Sing and Vico Hui Ho Luek qualify for appointment as directors of Birmingham City FC and that their appointment as directors of the club may, so far as the Premier League is concerned, proceed.”

LONDON (AFP)

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Yeung moves closer to Birmingham takeover

August 20, 2009

Hong Kong-based millionaire Carson Yeung moved closer to taking over Birmingham City after paying a three million pounds (3.4 million euros) deposit with a view to making an offer for the Premier League club.

Yeung’s Grandtop International Holdings, which holds a 29.9 percent stake in Birmingham, has entered into an agreement with City by placing a substantial deposit which could lead to a takeover worth around 81.5 million pounds (94.4 million euros).

Yeung had looked set to bid for the club two years ago but an offer failed to materialise, prompting the current owners to challenge him to prove he had the financial muscle to make a firm approach.

However a statement from Birmingham to the Stock Exchange on Thursday said: “The board of Birmingham announces that on 20 August 2009 it entered into an escrow agreement with Grandtop International Holdings Limited, the holder of an existing 29.9 percent interest in the issued share capital of Birmingham.

“Under this agreement, Grandtop has put down a deposit of three million pounds with a view to making an offer for the entire issued share capital of the company.

“The deposit is a surety for Grandtop’s ability and intention to make an offer, without which the company was unable to commit resources to considering an offer.”

Majority shareholders David Sullivan and David and Ralph Gold have always maintained they would not sell the club unless they were confident it was going into safe hands.

Birmingham’s statement confirmed Grandtop must either announce a firm intention to make an offer by October 1 or declare unconditional interest by October 30 or risk losing the deposit.

The statement said: “The signing of the escrow agreement is the first step towards a potential offer by Grandtop and there can be no guarantee that an offer will be announced by Grandtop or that an offer, if made, would be successful.

“Grandtop confirms that any offer for Birmingham would be made only in cash. This announcement has been made with the consent of Grandtop.”

LONDON (AFP)