THE long-running ownership saga that has affected Birmingham City for two years looks to be nearing an end after investor Paul Suen launched his detailed plans to take charge.
Mr Suen controls Trillion Trophy Asia, which signed an agreement with Birmingham International Holdings in August 2015 to negotiate exclusively to buy the club.
Today’s announcement to the Hong Kong Stock Market sets out the planned route for Mr Suen to become owner of the Championship club.
Changes to the club’s share ownership and structure, as well as new funds, will result in the raising of a net £23m.
Around £10.5m has been allocated to buy players, while a similar sum will be used for the club’s working capital to the end of the 2017-18 season. Around £2m will be used to fund costs in Hong Kong.
If the deal is completed, Mr Suen would control 50.64% of Birmingham City via two companies based in the British Virgin Islands. He owns Wealthy Associates International, which in turn owns Trillion Trophy Asia, which would be the immediate parent company of the football club.
Last year Mr Suen agreed to loan Birmingham City up to £13.4m, of which the club has currently used just over £10m. The loan generates interest of 8% per year.
Former chairman Carson Yeung, who spent time in jail after being convicted of money laundering in 2014, and U-Continent would reduce its shareholdings to below 30%.
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