Yeung sells stake in Birmingham City
Thu 5th May 2011 | Clubs Ownership
Birmingham owner Carson Yeung has reportedly reduced his stake in the midlands club by 1.6% and raised £3.63million from selling shares to private investors.
Yeung has reduced his holding in the Birmingham City from 24.9% to 23.3%.
The Hong Kong businessman has made the move after it was announced last month that Birmingham had debts of £27.27 million.
A statement on the Hong Kong Exchange said 6.43% of City's parent company, Birmingham International Holdings, has been sold to people unconnected with the club.
Yeung, who became the club’s largest shareholder buying 16% stake in 2010, purchased a further 8.6% stake earlier in April this year following uncertainty over the clubs ownership structure.
Doubts over the clubs financial situation raised concerns that the club, who qualified for next season’s Europa League, would be unable to obtain the UEFA license needed to take part in the competition.
Financial disclosure rules brought in after the collapse of Portsmouth last year, requires clubs to submit "independently audited accounts to the Premier League by 1 March each year with requirements to note any material qualifications or issues raised by auditors".
Clubs are also required to submit "future financial information" to the Premier League by 31 March each year that "will act as an improved early warning system should any club take undue financial risks which may have consequences for future financial stability".
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