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Sep, 23, 2009

Yeung tightens grip on Birmingham City

Carson Yeung has moved closer to completing his takeover of Birmingham after his company, Grandtop International Holdings, increased their share capital in the midlands club to 81.7%.

Grandtop announced that they have received "valid acceptances'' in respect of purchasing a further 42,211,337 of Birmingham City's shares. This represents approximately 51.8% of the current share capital.

Hong Kong businessman Yeung was already the major individual share-holder after buying a 29.9% stake in the club - 24,375, 975 shares - during the summer of 2007 when he first revealed his interest in taking control of City.

The deal is expected to be formally completed in early October and will bring an end to co-owner David Sullivan's official involvement with the club after 16 years - plus managing director Karren Brady.

But fellow co-owner David Gold is set to continue as part of the new regime as chairman.

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