Birmingham confirm Yeung set to increase stake

Birmingham City confirmed on Wednesday that the Carson Yeung-backed Grandtop International group are set to increase their investment in the newly promoted Premier League club.

The Blues released a statement in response to a report in England that claimed Hong Kong-based tycoon Yeung was planning to make another attempt to takeover Birmingham after an aborted bid in 2007.

Yeung is Birmingham’s biggest shareholder with a 29.9 percent stake and is believed to be ready to buy the 23.22 percent stakes held by owner David Sullivan, chairman David Gold and his brother Ralph Gold.

“The board of Birmingham note the recent press speculation and confirm they have received an approach from Grandtop International Holdings Limited (‘Grandtop’) – which may or may not lead to an offer for the entire issued share capital of the Company,” a Birmingham statement read.

“Grandtop is currently a 29.9 percent shareholder, having acquired this holding in 2007.

“As shareholders will be aware, previous approaches did not proceed – and the issue of the funding of any possible offer will be a major factor in determining how the company responds to the approach.”