Carson Yeung's takeover at Birmingham City will not collapse, says insider

Aug 29 2009 by Colin Tattum, Birmingham Mail

CARSON Yeung’s takeover of Blues will not collapse due to a lack of financial muscle.

And the £57 million bridging loan used to fund the buyout has been underwritten by a firm intent on becoming partners in Yeung’s venture.

Sources in Hong Kong close to the Yeung camp said Blues fans should not worry this time.

Two years ago, Yeung was unable to raise the money to follow through his plan of owning Blues.

He was left with a 29.9 per cent stake but no say in how the club was run, and a reputation in tatters.

“Finance is not a problem, it is nothing to worry about,” said an insider. “The money is there, Mr Yeung has backers and the interest in Birmingham City in China is now huge.”

Grandtop International, through which Yeung has again launched his new bid, has secured the loan from Best China Limited.

The company is owned by Pollyanna Chu, who is the controlling shareholder of Kingston Securities Limited.

Kingston plans to purchase 29.9 per cent of Grandtop through a new rights issue next month, according to their prospectus.