Birmingham City confirm Carson Yeung has approached club
BIRMINGHAM City bosses have confirmed that Carson Yeung is ready to reignite his takeover bid.
An approach has been made by the Hong Kong businessman with a view to a £70 million buy out of the club.
If successful, it would bring to an end the 16-year reign of David Sullivan, brothers David Gold and Ralph Gold, and Karren Brady.
Blues issued a statement to the Stock Exchange that outlined this amazing turn of events, but cautioned that it was not a foregone conclusion Yeung would take control at St Andrew’s.
Yeung’s planned takeover two years, through clothing firm Grandtop International, was aborted in farcical circumstances when he failed to raise the required amount of cash after initially spending £15 million on a 29.9 per cent stakeholding.
The statement read: "The board of Birmingham notes the recent press speculation and confirms that it has received an approach from Grandtop International Holdings Limited which may or may not lead to an offer for the entire issued share capital of the Company.
"Grandtop is currently a 29.9 per cent shareholder, having acquired this holding in 2007.
"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.
"A further announcement updating shareholders will be made when appropriate."
If Yeung shows the colour of his money, I believe the board will sell – and this is the crux of the whole matter.
