Hong Kong - A Chinese consortium has struck a preliminary
agreement to buy English Premier League football club Hull City for 130 million
($159 million), conditional on approval by English football authorities, a
In the latest in a string of Chinese takeover moves, two
companies, one based in Hong Kong and one based in mainland China, were named
as the potential buyers in a filing to the Hong Kong stock exchange.
It comes after Chinese group Trillion Trophy Asia (TTA)
completed their lengthy takeover of English club Birmingham City on Monday.
The Hull City buy-up is conditional on the consent of the
Football Association and the Premier League, according to the statement to the
Hong Kong exchange.
The "heads of terms" outlines the broad terms of
the proposed acquisition, and the two parties have not entered into a legally
A previous takeover bid by a Chinese consortium headed by a
brother and sister partnership collapsed last month, according to reports.
The club was put up for sale in 2014 after the FA rejected
chairman Assem Allam's bid to change their name to Hull Tigers, a move which
was vehemently opposed by the majority of Hull's fans.
Also read: Hull wins soccer's richest match, back in Premier League
The statement from Hong Kong-listed GreaterChina
Professional Services says it is purchasing the club alongside Guangzhou-based
On its company website Camsing Global says it offers
"comprehensive services" including in promotion management and sports
event operation. It also lists offices in Hong Kong and Beijing.
GreaterChina Professional Services is described as an
"investment holding company" by the exchange.
By acquiring the football club, it said its directors
believed the company would "expand and diversify its business and revenue
stream", including merchandising and chainstore franchising, particularly
targeting mainland China, the exchange document said.
European clubs -- as well as players, coaches, media assets
and high-profile sponsorships -- have been eagerly snapped up by Chinese teams
Premier League side West Bromwich Albion were bought by a
Chinese firm last month, while second-tier Aston Villa and Wolves also came
under Chinese ownership this year.
Among other deals, Inter Milan was bought by a Chinese group
in June, Atletico Madrid is 20 percent Chinese-owned and a state-backed Chinese
fund holds a 13 percent stake in Manchester City.
A Chinese consortium agreed to buy AC Milan in a
multi-million dollar deal this summer, although there have since been reports
the potential buyers supplied false documents as part of the deal-making.For
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