Foreign Bid for Birmingham City
Hong Kong Businessman Carson Yeung Looks to Takeover at St Andrews
Another Premier League club faces takeover by a foreign investor. Hong Kong billionaire, Carson Yeung, has bought shares from Birmingham City's major shareholders.
A Hong Kong billionaire is set to join the ever increasing list of foreign investors in English Premier League football.
The Hong Kong businessman, Carson Yeung, has bought 29.9% of Birmingham City and after purchasing shares from major shareholders he is now the largest single shareholder, although he doesn’t have a controlling share. David and Ralph Gold and David Sullivan have sold portions of their shareholding in the club to Yeung and it is thought that he will continue to buy shares until he has a controlling interest.
Birmingham City are the latest in a growing list of clubs to find themselves in the hands of new owners following foreign investment.
- Chelsea are owned by Russian billionaire, Roman Abramovich, who has provided vast sums from his own fortune to finance transfer dealings. Other clubs pursued by foreign investors are living the dream that they too will find backing from someone prepared to pour vast sums of money into the club to support the managers' transfer policy. However, in reality, in many cases that has not always been the case.
- Manchester United have benefited from the foreign ownership of the American Glazer family – Sir Alex Ferguson had funds available last summer when he agreed to pay £18 million to Tottenham Hotspur for the signature of midfield player Michael Carrick. This season they won the Premier League title and followed that up by signing Owen Hargreaves from Bayern Munich for £17 million.
- Rafa Benitez has not found the American owners so forthcoming with financial support although they insist money is there to sign new players and current media speculation suggests that they have put together a £25 million bid for Fernando Torres from Atletico Madrid.
- Aston Villa are hoping to spend some of new owner Randy Lerner’s money to strengthen their young squad as they try to break out of mid-table mediocrity.
- West Ham United are making the most of Icelander Eggert Magnusson’s financial strength to sign new players to improve their position after last season’s battle to avoid relegation. They had a £17 million bid for Darren Bent accepted by Charlton Athletic but were turned down by the player in spite of their £75,000 per week salary offer. The player appears to prefer Tottenham Hotspur whose salary structure prevents them from paying such inflated sums, although the two clubs have not reached agreement on a fee.
- Manchester City are in detailed takeover negotiations with the former Tai Prime Minister, Thaksin Shinawatra, who has reached agreement with Sven Goran Eriksson to take over as manager should his takeover be completed.
Further speculation surrounds Arsenal who lost vice-Chairman David Dein towards the end of the season after the American businessman, Stan Kroenke, bought into the club.
Other clubs have also been linked with possible foreign buyers, including Tottenham Hotspur, whose Chairman Daniel Levy, is famously reported to have turned away Roman Abramovich before he made his successful buy out at Stamford Bridge.
Such is the concern about the constantly increasing foreign investment in Premier League clubs that Sports Minister Richard Caborn held a meeting with the Football Association and Premier League officials to consider the matter and to discuss the possibility of rules to ensure continued local community connections with the football clubs.
