Blues takeover 'on track'

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Hong Kong businessman Yeung has secured a £57million bridging loan to enable him to finance the deal.

He needs permission from backers to issue 50% more shares in his company Grandtop International Holdings via an extraordinary general meeting now scheduled for early October.

But a spokesman for Yeung claimed this will not affect the deal going through, although there may be a "slight" delay from the original target of mid-October.

He said: "We are all waiting to complete the procedures and regulations in terms of the takeover in relation to the Hong Kong Stock Exchange.

"The lawyer has told us it will take time but I don't think it will be that late before it happens and could even still be on schedule.

"We were expecting originally for it (the takeover) to happen in early to mid October and we should be near to completing the deal by the original timing.

"The deal won't change. The timing may slightly - but that is all.

"We've had the AGM today (of GIH) and there are documental type things to be completed. No-one in Hong Kong has ever bought a major football club in England before."