Birmingham City: Carson Yeung puts £3m deposit on club
Aug 20 2009 By Andy Walker
Prospective Birmingham City owner Carson Yeung has shown that this time he means business, by putting down a £3 million deposit on the club.
The move has just confirmed what was expected and that the Hong Kong businessman will now push ahead with his planned takeover of the Premier League club, through his firm Grandtop International Holdings.
This fresh development appears to be a win-win situation for the Blues board. Should the latest deal collapse, as it did in a farcical manner in 2007, then the club will still get to keep the £3 million, while if Yeung completes the buy out, then the board will be granted the sale that they have long desired.
Yeung, Blues’ largest single shareholder with a 29.9 per cent stake of the club, has been given a deadline of October 1 to make an offer. The complete shareholding of the top flight new-boys is valued at approximately £81.5 million.
Clothing firm Grandtop have confirmed that the deposit is"the first step towards a potential offer by Grandtop" but warned that "there can be no guarantee that an offer will be announced by Grandtop or that an offer, if made, would be successful". They have also signalled their intention further by insisting that any offer for the club would be made only in cash.
Unlike two years ago, this latest move looks to be the real deal and will be Yeung’s final chance to buy Blues.
Having heavily criticised the Far East entrepreneur in the wake of the previous collapse in December 2007, which inadvertently resulted in Steve Bruce leaving to take charge of Wigan Athletic as Blues slid towards eventual relegation, the board have understandably been cautious on this occasion.
But the fact that Yeung has now shown the colour of his money means that they are likely to be preparing for an end to David Sullivan and Ralph and David Gold’s 16-year reign at St Andrew’s.