Hull City to Be Bought by a Chinese Consortium for $159m

Hull City is currently in a preliminary agreement with a Chinese consortium to acquire the English Premier League football club for a sum of $159m as soon as English football authorities approve the deal. The Chinese have continued to have profound interest in EPL clubs and the latest takeover gesture at Hull City points towards two Chinese companies situated in Hong Kong and mainland China. With the potential buyers already named in documents originating from the Hong Kong Stock Exchange, online sports betting fans will be keen to follow the successive story of the takeover.

The Hull City-Chinese connection succeeds a prolonged takeover of Birmingham City on Monday by Trillion Trophy Asia (TTA), a Chinese group of businessperson. As specified in a statement released by the Hong Kong exchange, the acquisition of Hull City is contingent on approvals by the Premier League and the Football Association because they are mandated to monitor buy-ups. The heads of terms must summarize the wide-ranging terms and conditions outlined in the suggested acquisition; however, the two parties are yet to renter into a legally binding pact.

Hull City to Be Bought by a Chinese

According to reliable reports, a Chinese consortium failed in an earlier buyout attempt last month. The group led by a partnership between a sister and a brother pounced on the opportunity after the Hull City opened its doors for potential buyers in 2014 when the Football Association barred a proposal made by chairman Assem Allams to change the name of the club to Hull Tigers. Even a big portion of Hull fans vehemently rejected such a move, which shut down the buyout attempt.

In line with statements released by GreaterChina Professional Services, a listed company in Hong Kong, they will buy the club along with Camsing Global, a Guangzhou-based company. The official website of the company states that Camsing Global provides a wide range of services, such as managing promotions and operation of sports events. Furthermore, they have operational offices in Beijing and Hong Kong. The Hong Kong stock exchange describes GreaterChina Professional Services as an investment-holding corporation.

According to directors, if the acquisition of Hull City Football club comes to fruition, then it would increase and broaden the horizons of its commercial and revenue stream. The merchandising and chain store franchise has been targeting mainland China as a potential club. European clubs in addition to their respective coaches, players, media assets and prominent sponsorships have keenly shattered Chinese investors and teams.

Hull City stadiumThis year, various English clubs have developed connections with the Chinese. For example, a Chinese firm completed a buy-out for West Brom, the English Premier League side, whereas the English Championship sides Wolves and Aston Villa are currently owned by Chinese Businesspersons and companies.

In an extended outlook of other deals involving the Chinese, a Chinese group bought Inter Milan in June, Chinese investors own a-fifth of Atletico Madrid and a government-sponsored Chinese fund owns 13-percent of Manchester City. In similar news, a Chinese group decided to initiate a multi-million dollar deal of acquiring AC Milan his summer, even though a wide range of reports indicate that the potential buyers delivered deceitful documents to help in authenticating the deal.

 

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