Birmingham City: Carson Yeung deal progresses
Grandtop already hold a 29.9 per cent stake in Blues, which was bought off Sullivan, the Golds, Karren Brady and finance director Roger Bannister two years ago.
Yeung and Grandtop chief executive officer Vico Hui plan to take seats on a new-look board, while Grandtop chief operations officer Sammy Yu is likely to be given a chief executive style role.
Sullivan and Ralph Gold will sever all ties with Blues, but chairman David Gold is set to stay on in some capacity to help smooth the transition between old and new regimes.
Yeung has said that he wants Brady to remain as MD, but she is likely to announce her departure.
Yeung has secured a £57 million bridging loan to finance the deal and on September 29 Grandtop hold an EGM at the Shangri-La Hotel, Hong Kong, seeking permission to issue 50 per cent more shares in the company.
The takeover of Blues is not dependent on that being successful.
Should Grandtop’s stake in Blues reach 90 per cent, that will set in motion the compulsory purchase of the remaining shares.
