Asian millionaires chase premiership dreams
Friday, 6 July 2007
HONG KONG, Jul 5 (AFP): Wealthy Asian businessmen are competing to buy top-flight English football clubs, attracted by the irresistible combination of profit and sporting glory.
Thaksin Shinawatra, a billionaire football fanatic who was Thai prime minister until ousted by the military last year, now owns 66 per cent of Manchester City and looks close to completing a takeover.
And directors at promoted Premiership side Birmingham City have recently agreed to sell 30 per cent of their shares to Hong Kong tycoon Carson Yeung, despite reported interest in the club from Indian steel magnate Lakshmi Mittal.
Industry experts say the trend is likely to continue as English football becomes ever more popular among Asia's vast and increasingly wealthy population -- bringing with it the promise of booming income from TV rights and merchandise.
Thaksin Shinawatra, a billionaire football fanatic who was Thai prime minister until ousted by the military last year, now owns 66 per cent of Manchester City and looks close to completing a takeover.
And directors at promoted Premiership side Birmingham City have recently agreed to sell 30 per cent of their shares to Hong Kong tycoon Carson Yeung, despite reported interest in the club from Indian steel magnate Lakshmi Mittal.
Industry experts say the trend is likely to continue as English football becomes ever more popular among Asia's vast and increasingly wealthy population -- bringing with it the promise of booming income from TV rights and merchandise.