City get loan on tough terms
Submitted by WG on Mon, 05/09/2011 - 11:42
The parent company of Birmingham City has secured a £6.3m loan, but it will have to pay it back at a substantial rate of interest. Birmingham International Holdings will borrow the money from the group's new deputy chairman, Yang Yue Zhou. But they will have to pay an interest rate of 12 per cent. The loan will be for two years and will be used to repay debts and for general working capital.
City's owner Carson Yeung has succeeded in persuading a court in Hong Kong to let him travel to the UK to visit the club while he awaits trial. The next hearing in the case is scheduled for December.
