Yeung set to buy 29.9% stake in Birmingham

Updated 15.22 Wed Jun 27 2007

Keywords: Premier League, football, sport, Birmingham City

Hong Kong businessman Carson Yeung has been given until 5pm on July 16 to buy a 29.9 per cent stake in Birmingham City.

Blues directors David and Ralph Gold, David Sullivan, Karren Brady and Roger Bannister have agreed to sell shares to Yeung.

Birmingham directors David and Ralph Gold, David Sullivan, Karren Brady and Roger Bannister have agreed to sell a 29.9% stake to Hong Kong businessman Carson Yeung

The Golds and Sullivan have each agreed to sell 14.81 per cent of the club's shares to Grandtop International Holdings Limited (GIHL).

And Brady has agreed to part with 0.23 per cent of the Premier League newcomers while Bannister has offered to sell 0.05 per cent. All shares in Birmingham will be priced at 61.331 pence.

Yeung's company has already paid a non-refundable deposit of £1.09 million - an amount that will be deductible from the final payment should it proceed.

If GIHL does take a 29.9 per cent stake in Birmingham , Yeung would instantly become the single largest stakeholder, taking over from the Gold brothers and Sullivan who currently own 78 per cent of the shares between them.

Although the men from St Andrews club were keen to stress that GIHL were stopping short of launching a full-scale takeover, it seems highly possible that Yeung will look to increase his holding further.

Birmingham told the London Stock Exchange: "Shareholders should be aware that there is currently no indication at this stage that a formal offer will be made for the company as a whole.

"But discussions are continuing with GIHL which may or may not lead to a cash offer being made for the the company in due course."