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Page last updated at 20:03 GMT, Friday, 25 September 2009 21:03 UK

Premier League approval for Yeung

Carson Yeung
Yeung failed with a bid to buy Birmingham in 2007

Hong Kong billionaire Carson Yeung has passed the Premier League's "fit and proper persons" test to bring his takeover of Birmingham a stage closer.

In May, rules for prospective owners were tightened in response to questions over the league's self-regulation.

Birmingham manager Alex McLeish is expected to meet Yeung and his business partners for the first time next week.

McLeish said: "It looks certain that we'll be looking forward to a new era. They are ambitious and I'm ambitious."

Yeung was already the leading individual share holder and earlier this week his Grandtop International company said it had raised its stake in Birmingham.

A statement from Grandtop to the Stock Exchange said Yeung's associate Vico Hui Ho Luek has also passed the League's "fit and proper persons" test.

The club's takeover is expected to be completed early next month.

The Grandtop statement read: "The Premier League have confirmed that Carson Yeung Ka Sing and Vico Hui Ho Luek qualify for appointment as directors of Birmingham City.

"Their appointment as directors of the club may, so far as the Premier League are concerned, proceed."

Yeung is already the club's leading individual share-holder with 29.9% of the shares while his company Grandtop International Holdings now holds 81.7%.

Earlier this month he lodged a buyout bid for Birmingham after sending official offer documents to shareholders offering £1-per-share.

606: DEBATE
Twelvty

Club co-owners David Sullivan and the Gold brothers have indicated they will sell their combined 50% investment, although David Gold is set to stay on as chairman.

If Yeung's stake reaches 90%, it will trigger the compulsory purchase of the remaining shares.

The first closing date of the offer is 6 October, after which time Grandtop will assess its level of ownership.



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see also
Top flight to tighten owner test
12 May 09 |  Premier League
Exit looms for Sullivan & Brady
16 Sep 09 |  Birmingham
Hong Kong bid for Birmingham City
21 Aug 09 |  Business
Yeung puts deposit on Birmingham
20 Aug 09 |  Business
Yeung in Birmingham takeover bid
12 Aug 09 |  Birmingham
McLeish pleads for more signings
14 Aug 09 |  Birmingham
Blues budget all spent - McLeish
20 Aug 09 |  Birmingham


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