Birmingham City owner Carson Yeung has stepped down as chairman and executive director of Blues’ holding company, Birmingham International Holdings Limited (BIHL).
This latest announcement on 53-year-old Yeung’s future was made in a statement to the Hong Kong stock exchange. Yeung, Blues’ owner since 2009, is the football club’s major shareholder.
Birmingham City owner Carson Yeung has stepped down as chairman and executive director of Blues’ holding company, Birmingham International Holdings Limited (BIHL).
This latest announcement on 53-year-old Yeung’s future was made in a statement to the Hong Kong stock exchange. Yeung, Blues’ owner since 2009, is the football club’s major shareholder.
A BIHL statement said that Yeung stepped down to devote more time to his personal commitments and that he has no positions within the group [although there may be some ambiguities associated with the structure]. It thanked Yeung for his “foresight, aspiration and clairvoyance” in steering the group through such landmark projects as acquiring Blues.
Whether Birmingham fans would use the term ‘clairvoyance’ is open to question. Indeed, journalist David Conn has tweeted that it is a candidate for the best corporate announcement ever. Perhaps it is time to order a new crystal ball.
The company are seeking to be re-listed on the Homg Kong Stock Exchange, but one of the conditions imposed by regulators is that Yeung stands down because of the impending money laundering case. It should now be possible to re-launch the company by mid-February.
Yeung is awaiting the verdict, due on 28 February, of a money laundering trial in Hong Kong, an offence he denies. Yeung has been succeeded as BIHL chairman by Cheung Shing, another of the company’s executive directors. Ma Shui Cheong, who has also been appointed to the main club board at St Andrew’s, has been appointed vice-chairman of BIHL.