Birmingham City and Hong Kong: a tale of two cities

This is a follow-up to this previous post

Hereabouts, it will be in the early hours of 17 July 2007 before the news breaks officially. Only then will it be known if a Hong Kong stock trader, Carson Yeung Ka-sing, has successfully purchased 29.90% of the UK's premier division club Birmingham City FC.

Yeung already paid a non-refundable deposit to David Sullivan, Ralph and David Gold, Karren Brady, and Roger Bannister of £1,009,200 (approximately HK$15,744,000).

All that's left is to shunt over a further £13,940,829 (approximately HK$217,477,000).

Yeung has the money.

According to a legally required circular issued on 12 July 2007 by Grandtop International, the Hong Kong shell company which is being used to make the purchase:

Mr. Yeung Ka Sing has agreed to grant the Company [Grandtop] an interest-free, security-free bridging loan in the amount of up to HK$250,000,000 for a period of 6 months for the Company to proceed with the proposed acquisition, such bridging loan may substantially increase the Group's gearing level.

Source: Hong Kong Stock Exchange: pdf

Elsewhere, the vendors (Sullivan, the Golds, et al) and Blues supporters will know the deadline for Grandtop's payment is on or before 5pm (United Kingdom time) on 16 July, 2007.

Barring unforeseen circumstances, it looks like a done deal.