Birmingham City owner Carson Yeung reduces stake in club by selling shares on Hong Kong stock exchange

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By Simon Sinclair

5 May 2011 15:53:00

Birmingham City's owner Carson Yeung (Getty IMages)

Birmingham City’s owner Carson Yeung (Getty IMages)

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Birmingham City‘s holding company has raised £3.8 million by selling shares on the Hong Kong stock exchange.

6.43 per cent of Birmingham International Holdings has been sold to people with no connection to the club, according to a statement made by the company.

Largest shareholder, Hong Kong businessman Carson Yeung, has seen his percentage of ownership of the club drop from 24.9% to 23.3% after the sale of 250 million shares.

The club revealed in April they had debts of £27.27m, which severely restricted boss Alex McLeish’s spending power after previously being told he could spend up to £50m by Yeung upon his takeover.

Following their League Cup victory over Arsenal, Blues will need to provide financial assurances to Uefa if they are to play in the Europa League next season after ending their 48-year spell without a trophy.

Yeung became owner at Birmingham in October 2009 following a drawn out saga with previous owners David Sullivan and David Gold, which lasted over a year.

City also need to secure their Premier League future and currently lie in 15th place, four points clear of the drop zone with three league games to play.

The side travel to Newcastle on Saturday to ensure their survival.

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Birmingham City owner Carson Yeung reduces stake in club by selling shares on Hong Kong stock exchange