HONG KONG (AP) – The Hong Kong-listed company that owns Birmingham City Football Club has received a loan of up to 80 million Hong Kong dollars ($10.3 million) from its new deputy chairman.
Birmingham International Holdings Ltd. said on Wednesday that it's borrowing the money from Yang Yue Zhou, who was named deputy chairman and executive director on the same day.
The two-year loan has a 12 percent interest rate and will be used to repay debts and as general working capital.
The announcement comes a day after the team's owner, Carson Yeung, was granted permission to travel to Britain in September to visit the team. Yeung has been charged with money laundering and his bail terms require him to remain in Hong Kong, but a judge granted him permission to make a one-off trip.