Birmingham get cash injection from Carson Yeung to complete Michel deal
Published 23:41 25/08/09 By Exclusive by James Nursey
Birmingham's owner-in-waiting Carson Yeung has personally contributed to help City sign Michel from Sporting Gijon.
Spanish midfielder Michel, 23, is set to complete a £3million switch to the Premier League new boys in the next 24 hours.
And Hong Kong tycoon Yeung has ploughed some of his own cash into the deal to ensure City get their man.
Yeung has volunteered the funds to help City boss Alex McLeish as he is confident of completing an £80m takeover next month.
Yeung’s Grandtop International company have had a £57m offer to buy out joint-majority shareholders David Sullivan and the Gold brothers accepted.
Grandtop, who bought 29.9 per cent of the club in 2007, are now sending out offer documents to all the club’s shareholders to complete the deal next month.
The Hong Kong-based business has raised funds for the deal by securing a bridging loan.
This will be repaid by a Grandtop share issue once they have formally acquired Birmingham.
And Yeung has pledged to buy a number of the shares himself to wipe out the debt swiftly.
