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HK tycoon one step closer to Birmingham takeover

(Xinhua)
Updated: 2009-08-21 14:13

Hong Kong-based businessman Carson Yeung has paid a 3.47 million euros ($4.94 million) non-refundable deposit with English Premier League club Birmingham City on Thursday in his bid for a full takeover, local media reported.

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Yeung's Grandtop International Holdings, already holding a 29.9 percent stake in the club, has agreed to pay 1.13 euros per share for about half the issued share capital, valuing Birmingham at 94.4 million euros, according to guardian.co.uk.

Yeung had previously attempted to gain control of the club during the 2007-08 season but the offer did not materialize.

If the deal is sealed eventually, the club's majority shareholders David Sullivan and David and Ralph Gold will be around 23 million euros richer, the website said.