Yeung demands that McManaman becomes St Andrews' latest City slicker - Sport - Evening Standard
       

Yeung demands that McManaman becomes St Andrews' latest City slicker

Hong-Kong-based billionaire, Carson Yeung, has written an open letter to Birmingham City's shareholders demanding a seat on the board for Steve McManaman.

The businessman, who bought a 29.9 per cent stake in the St Andrew's club for £15million late last year, is exercising his right as the single biggest stockholder to be recognised by current owners, David Sullivan and David Gold.

Yeung was snubbed by the two current owners after he failed to meet the deadline to mount a complete takeover of the struggling Barclays Premier League club.

But it seems he is determined to have a voice and has petitioned other shareholders in the public company to ensure his investment is represented on the current board.

Former Liverpool legend McManaman is a director of Grand Top International, the holding company used by Yeung to front the bid. But it seems that Yeung's overtures will be met with stiff resistance.

Sullivan and Gold own almost 50 per cent of the stock between them and are likely to reject the advances of the oil and gas magnate out of hand.

One source close to Birmingham said: "Yeung looks to be trying to flex his muscles as the club's biggest single shareholder. He wants to appoint two people to the board, but the owners cannot see the purpose.

"He may have 29% of the club but the control lies with the current board who have 47%. Yeung will not be offered a seat on the board but he appears to be testing their resolve.

"They know they are having a difficult time this season but a lot of the reasons for that are of Yeung's own making. It was Yeung's takeover attempt and the uncertainty of that which eventually saw Steve Bruce leave.

"The board had to appoint a new manager midway through the season so the directors are not very happy with Yeung anyway.

"But to then try and bring two new directors into the club to work with people who've been here 15 years is just being seen as potty. The board will oppose it."

Brady, in a letter to shareholders, said: "We are legally obliged to put these resolutions to shareholders, even though we do not support them, nor do we believe the appointments are in the best interests of the company.

"Whilst we recognise that both the proposed appointees (McManaman and Zhiyi) enjoyed illustrious football careers at respected clubs, we question whether they have the necessary business experience to make an effective contribution as directors of a public company.

"Moreover, we question whether the actions of Grandtop (Yeung's company) are in the best interests of the company and its' shareholders. Accordingly, your board recommends that shareholders vote against the resolutions."

Comments

Don't Miss
Rock star: Erin Wasson

Rock star

Erin Wasson is the ultimate anti-supermodel
Maybe it’s because she’s a Londoner … Happy anniversary, Ma’am

Happy anniversary

The monarchy has become stronger and more respected in the past 60 years
Victoria Coren: My obsession with children, five proposals a week and why David and I are no power couple

Victoria Coren

David Mitchell and I are no power couple
The Royal Academy of Arts Summer Exhibition preview party

Summer party

Stars at the The Royal Academy of Arts
London gets ready for the Diamond Jubilee - in pictures

Diamond Jubilee

London gets ready - in pictures
The Glamour Awards - stars turn on the style

Glamour Awards

Stars turn on the style
Duchess of Cambridge is pretty in pink at her first Buckingham Palace garden party

Garden party

Duchess of Cambridge is pretty in pink
FIRST review of Ridley Scott's latest sci-fi blockbuster Prometheus

First review

Is Ridley Scott's Prometheus any good?
Fair-weather goths

Fair-weather goths

The sultry shades of summer darks are coming out of the shadows
Dog save the Queen: Corgis surge in popularity

Dog save the Queen

Corgis surge in popularity