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[Football] Communists take over Southampton FC...



....quite possibly




England’s Premier League is looking into whether the Chinese state has gained a significant stake in Southampton football club, after owner Gao Jisheng ceded control of a sports investment vehicle.

Mr Gao, a real estate magnate and founder of Shenzhen-listed Lander Sports, bought an 80 per cent stake in Southampton in 2017 in a transaction that valued the club at about £200m.

Lander Sports said in a regulatory filing last month that it would sell a 29.9 per cent stake in itself to the state-owned Chengdu Assets Supervision and Administration Commission for Rmb1.3bn ($194m).

The deal, which remains subject to regulatory approvals, hands control of Lander Sports to the asset manager, with Mr Gao’s family retaining a 23.95 per cent stake, according to the filing.

At the Premier League, the body that runs the top tier of English football, questions have arisen over whether the deal has implications for Mr Gao’s ownership of Southampton, where he and his daughter Nelly serve as directors.

Southampton’s initial announcement of the takeover in January 2017 said terms had been agreed with Lander Sports. But when the deal was completed that August, it was Mr Gao and his family who acquired the 80 per cent stake in their personal capacity, according to people at the time with knowledge of the deal.

Southampton told the Financial Times this week that the club is owned by a UK entity, also called Lander Sports and funded by the Gao family but otherwise unconnected to the China-based company. It said this meant there had been no change in ownership or control.

The Premier League has in recent weeks repeatedly requested more detailed information from Southampton about the sale of the stake in China-based Lander Sports and whether it affects Mr Gao’s ownership of the club, according to a person familiar with the communications.

The person said the league had yet to receive clear responses to these inquiries.

A Southampton spokesperson said they were unaware of any communication between the club and the Premier League.

The Premier League has made inquiries because its rules require clubs to inform it in advance of any change in ownership, according to a person aware of its deliberations.

League officials approve takeovers only after a due diligence process involving extensive scouring of documentation. This is designed to find out the identity of a buyer, their source of their funds and whether they pose a reputational risk to the league.

Lander Sports in China and Mr Gao did not respond to repeated requests for comment. The Premier League declined to comment.

Like peers in large cities across China, the state-owned Chengdu Assets Supervision and Administration Commission — the group that now controls the China-listed Lander Sports — is a sprawling manager of government companies, ranging from media and art to real estate, finance and coal mining.

The Southampton takeover came at the end of a wave of Chinese acquisitions of European football clubs, which has since subsided amid a Beijing crackdown on overseas purchases.

After the Southampton deal, the Premier League tightened rules over club ownership amid growing concerns about the background of foreign individuals and groups attempting to buy into one of the world’s richest sports leagues.

Fourteen of the 20 clubs in the Premier League are owned or controlled by overseas investors. One of those, Manchester City, is connected to a state — owner Sheikh Mansour bin Zayed al-Nahyan is a member of the Abu Dhabi royal family.
 

BNthree

Plastic JCL
Sep 14, 2016
10,742
WeHo
Something tells me that Mr Gao isn't the most ardent of Communists.
 

Live by the sea

Well-known member
Oct 21, 2016
4,718
Aha for one moment I thought this thread was referring to a Southampton takeover by Jeremy Corbyn & his mates
 

Knocky's Nose

Mon nez est en Valenciennes..
May 7, 2017
4,133
Eastbourne
Good Luck getting a straight answer from a Chinese company that complex in it's structure.

I'd rather spend a few days trying to herd a large group of cats into a paddling pool... Much easier.
 


beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,237
question is why the Premier League would need to look into any owner, beyond meeting their fit and proper tests.
 

A1X

Well-known member
NSC Licker Extraordinaire
Sep 1, 2017
17,423
Deepest, darkest Sussex
Big changes afoot at St Maory's, then?
 




FatSuperman

Well-known member
Feb 25, 2016
2,829
League officials approve takeovers only after a due diligence process involving extensive scouring of documentation. This is designed to find out the identity of a buyer, their source of their funds and whether they pose a reputational risk to the league.
.

They clearly don’t care about it that much. Given they are happy for a club to be owned by a state with VERY questionable human rights records
 

Cheshire Cat

The most curious thing..
I don't think the Chinese are very hard line Marxists these days Not sure what they are.
 


The Sock of Poskett

The best is yet to come (spoiler alert)
Jun 12, 2009
2,802
Ah, but will their defensive WALL be visible from SPACE?
 

Herr Tubthumper

Well-known member
NSC Licker Extraordinaire
Jul 11, 2003
59,073
The Fatherland
They should sign Solly so they can have a Long March up front

I think they should sign Lewis Crispy Aromatic Dunk.
 

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