InfoAnda - Hong Kong tycoon makes Birmingham buyout bid

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Hong Kong tycoon makes Birmingham buyout bid AFP - Tuesday, August 25 HONG KONG(AFP) - - Hong Kong tycoon Carson Yeung said Monday he has offered 57.13 million pounds (94.7 million US) to buy English Premier League team Birmingham City, promising money to buy new players. ADVERTISEMENT Yeung, whose Hong Kong-listed Grandtop International has a 29.9 percent stake in the club, said the firm would raise 785 million Hong Kong dollars (100.6 million US) through an open offer of shares for the acquisition. The businessman's latest attempt to seize control of the newly promoted side came after his first bid in 2007 failed to materialise. But he said he was only waiting for the right moment for the takeover. "The club was relegated (in the (2007/08) season. I bought it this year because it bounced back. It's as simple as that," he told a press conference in Hong Kong. Yeung said Grandtop had placed a deposit of three million pounds for the offer, which he said was already accepted by shareholders representing approximately 50 percent of the existing issued share capital of the club. The tycoon said he hoped to attract more talent to the club and encourage exchange between Chinese and overseas players. He added there was a possibility that he would personally offer five million pounds for team manager Alex McLeish to buy "better players". He said the acquisition would open up numerous opportunities for his apparel and entertainment company to expand and diversify its business, especially in China. If successful, the takeover would add to a growing list of foreign club-owners in the English Premier League, which include the American Glazer family at Manchester United and Russian Roman Abramovich at Chelsea. Vico Hui, the Grandtop's executive director, said he was confident Birmingham City would generate a profit next year. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business ADB to lend $500m stimulus to PhilippinesAFP - Tuesday, August 25 Cash for Clunkers program heads into final dayAP - Tuesday, August 25 Decision nears on Wal-Mart near Va. battlefieldAP - Tuesday, August 25 Lakes Entertainment in joint venture for casinoAP - Tuesday, August 25 Financials, energy lead Wall St higherReuters - 1 hour 14 minutes ago Enlarge Photo Hong Kong tycoon makes Birmingham buyout bid Most Popular – Business Viewed Homes of former Porsche executives searched: report Triple gold for Bolt as Kenya trump Ethiopia Swiss size up hole in iconic banking secrecy Ramadan begins on Saturday amid swine flu worries Egypt warns pharaohs' tombs could disappear View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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