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Delmary

By Delmary,
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Saint-Armstrong

Saint-Armstrong

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Not immediately apparent from the initial link but if you scroll down, there's a story from Reuters. They were reporting on Friday night that the controlling shareholder (Gao) has sold 29% of Lander Sports Development co Ltd, for the equivalent of £145m.

 

Here's the link to that particular announcement: https://finance.yahoo.com/news/brief-lander-sports-developments-controlling-115308103.html

 

There's a document linked, in Chinese, which I've run through a translation tool. It says that 29% of the shares have been sold to 'Mr Fan Mingke' (allowing for translation confusion, this may not be the actual name) and reports that Gao now owns only c. 24% of Lander Sports Development. As such, the announcement confirms that Fan Mingke is now the new controlling shareholder.

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Nordic Saint

Nordic Saint

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Posted
Not immediately apparent from the initial link but if you scroll down, there's a story from Reuters. They were reporting on Friday night that the controlling shareholder (Gao) has sold 29% of Lander Sports Development co Ltd, for the equivalent of £145m.

 

Here's the link to that particular announcement: https://finance.yahoo.com/news/brief-lander-sports-developments-controlling-115308103.html

 

There's a document linked, in Chinese, which I've run through a translation tool. It says that 29% of the shares have been sold to 'Mr Fan Mingke' (allowing for translation confusion, this may not be the actual name) and reports that Gao now owns only c. 24% of Lander Sports Development. As such, the announcement confirms that Fan Mingke is now the new controlling shareholder.

 

On a positive note, it's given the first boost to Lander Sports share price for a long time. They've been in decline for several years. Investors clearly had little faith in Gao as the owner and expect to see some improvement now he has given up control of the company. The sale also means Gao should have enough money now to avoid debtors' prison, which, bearing in mind the bank he borrowed the money from is partly owned by the Chinese government, would not have been conducive to his health.

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John Boy Saint

John Boy Saint

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Didn’t the money come from a loan against his own wealth to buy the 80%, sourced in Macau and channelled via Hong Kong to avoid the block the Chinese government put on rich Chinese businessmen to stop so much money vanishing overseas and not invested in China. The country that was allowing these guys to play on a long leash, as having a third party make money to re-invest in the state was far cheaper and effective than the state doing it themselves. Money and status does not buy you a get out of jail card in China like it can elsewhere (actually its quite good PR to nick one or two now and again), the state never has its finger far away from the leash retract button all the time.

Sourcing a loan in Macau seems colourful in itself, from a part government owned bank he might be getting a little.tug on his leash. “Mr Gao” “about this outstanding loan” “we would like to see a meaningful amount repaid”. The Chinese hate to lose face, owning a foreign business the face loss here is greater than losing it at home as that’s reflected on the state. He is of an age to consider retirement, so cashing in a few chips is neither here nor there.

 

Of course he could be pulling a Man City on FFP, by purchasing Platinum season ticket for himself, and pre match on Wednesday night, he unveils the return of Gareth Bale!!

Edited by John Boy Saint
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JRM

JRM

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Our recent transfer dealings have felt as much of a financial cost cutting exercise as much as a football based decision, trying to get higher earners off the books.

If Gao and Nelly are on their way out leaving us with a new Mingke the Mericless it will be interesting to see how this is communicated by the club.

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Delmary

Delmary

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Our recent transfer dealings have felt as much of a financial cost cutting exercise as much as a football based decision, trying to get higher earners off the books.

If Gao and Nelly are on their way out leaving us with a new Mingke the Mericless it will be interesting to see how this is communicated by the club.

 

I believe that the club is owned by Gao not Lander China. It was a personal purchase.

 

Would not be surprised if the club is put up for sale in a few years, or even sooner if we retain our premiership status.

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