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Oct 6, 2009

Yeung completes Birmingham takeover

Carson Yeung has effectively completed his takeover of Birmingham after his company Grandtop Holdings announced they had acquired over 90% of shares in the club and can now purchase the remainder on a compulsory basis.

Yeung's company had offered £81.51million for the St Andrews outfit and the deal has now been confirmed.

A statement from Grandtop read: "Grandtop is pleased to announce that, all conditions of the offer [for Birmingham City plc] having been satisfied or waived, the offer is hereby declared unconditional in all respects.

"As at 1pm on October 6, 2009, Grandtop owned or had received valid acceptances of the offer in respect of a total of 76,620,136 Birmingham City shares representing in aggregate approximately 94% of the current issued share capital of Birmingham City."

The Hong Kong businessman, who failed with his initial bid to take control of the club in 2007, has given current boss Alex McLeish his backing and promised to provide funds in the January transfer window to help keep the Blues in the Premier League.

Yeung is expected to be coming to England next week, and must now begin the job of winning over Blues supporters, after his failed takeover attempt during the 2007-08 season was widely viewed as a key factor in the club's relegation from the Premier League and in the departure of then manager Steve Bruce.

The formal completion of the deal marks the end of co-owner David Sullivan and managing director Karren Brady's 16-year spell with the club, though fellow co-owner David Gold is expected to continue under the Yeung as chairman.

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