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Hong Kong tycoon makes Birmingham buyout bid

Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov.  tycoon Carson Yeung said Monday he has offered 57.13 million pounds (94.7 million US) to buy English Premier League team Birmingham City, promising money to buy new players.

Yeung, whose Hong Kong-listed Grandtop International has a 29.9 percent stake in the club, said the firm would raise 785 million Hong Kong dollars Noun 1. Hong Kong dollar - the basic unit of money in Hong Kong
dollar - the basic monetary unit in many countries; equal to 100 cents
 (100.6 million US) through an open offer of shares for the acquisition.

The businessman's latest attempt to seize control of the newly promoted side came after his first bid in 2007 failed to materialise Verb 1. materialise - come into being; become reality; "Her dream really materialized"
materialize, happen

hap, happen, occur, come about, take place, go on, pass off, fall out, pass - come to pass; "What is happening?"; "The meeting took place off without
.

But he said he was only waiting for the right moment for the takeover.

"The club was relegated (in the (2007/08) season. I bought it this year because it bounced back. It's as simple as that," he told a press conference in Hong Kong.

Yeung said Grandtop had placed a deposit of three million pounds for the offer, which he said was already accepted by shareholders representing approximately 50 percent of the existing issued share capital of the club.

The tycoon said he hoped to attract more talent to the club and encourage exchange between Chinese and overseas players.

He added there was a possibility that he would personally offer five million pounds for team manager Alex McLeish Alexander "Alex" McLeish (born January 21 1959, Barrhead, Renfrewshire, Scotland) nicknamed "Big Eck",[1] is a former professional footballer and is currently manager of the Scotland national team.  to buy "better players".

He said the acquisition would open up numerous opportunities for his apparel and entertainment company to expand and diversify diversify

To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries.
 its business, especially in China.

If successful, the takeover would add to a growing list of foreign club-owners in the English Premier League, which include the American Glazer family at Manchester United and Russian Roman Abramovich Roman Arkadyevich Abramovich (IPA: [rʌˈmɑn ərˈkadʲievɨtɕ əbrʌˈmovɨtɕ]) (Russian:  at Chelsea.

Vico Hui, the Grandtop's executive director, said he was confident Birmingham City would generate a profit next year.
Copyright 2009 AFP Global Edition
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Author:AFP
Publication:AFP Global Edition
Date:Aug 24, 2009
Words:285
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