Hong Kong tycoon Carson Yeung said Tuesday he had moved closer to gaining full control of English Premier League club Birmingham City, boosting his plans to develop football in China.
Yeung said he now held 86 percent of the club while his company, Hong Kong-listed Grandtop International Holdings, won approval to raise the 57 million pounds (91 million US) needed to complete the transaction.
The tycoon, who bought 29.9 percent of Birmingham in 2007, is keen to use the purchase of the club to boost links between English and Chinese football and develop his other business interests in apparel and entertainment.
"We wanted to buy Birmingham because it was free of debt and it owns its own stadium so we can incorporate other commercial developments," Yeung told reporters, declining to give further details.
Grandtop is particularly interested in plans by Birmingham council for a new 55,000-seat stadium as part of a city re-development, the company's chief operation officer Sammy Yu said.
"We would like to keep the takeover smooth. We will keep the current manager and try to do our best for the club's interest," he said.
He also said he couldn't reveal any more information on plans to tie in his other businesses with the club until they were finalised.
The deal is expected to be formally completed in early October with the major shareholders all having committed to selling to him.
His takeover will bring an end to co-owner David Sullivan's official involvement with the club after 16 years, and also that of managing director Karren Brady.
Earlier this month Yeung told British reporters he wanted to recruit Chinese players with potential and promote English football in China.
Yeung's first attempt to seize control of the club in 2007 fell through, triggering the departure of manager Steve Bruce mid-way through a season that ended in relegation.
They were promoted back to the top flight last season.
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