Soccer Extreme : Birmingham City's new owner Carson Yeung has pledged to spend up to 40 million pounds ($64.96 million) on players in the January transfer window to help the Premier League strugglers avoid relegation.The Hong Kong businessman, addressing the media for the first time since his Grandtop International Holdings Ltd. company completed their takeover on Oct. 6, backed manager Alex McLeish and spoke of turning City into a European force.
"My first plan is to support the club for about 20 to 40 million pounds for players and wages in January," Yeung told a news conference on Thursday.
"In the short term I just care about January. But in the future there will be more money."
"Longer term we believe there is a major opportunity to build Birmingham's fan base in China and to generate new sources of revenue for the club.
"But for this to happen, our first priority must be to establish Birmingham as a Premier League club," he added after City's third promotion to the top flight in eight years.
Birmingham, European Fairs Cup runners-up in 1960 and 1961, have long lived in the shadow of city neighbours Aston Villa who they beat in the 1963 League Cup final.
"It's a long, long target but we hope Birmingham can become one of the best clubs in Europe. Let's take it step by step, but why not?," the new owner said.
Yeung's takeover of the club has been a protracted affair. He first bought shares in City two years ago but had to wait until this month to complete the 81.5 million pounds takeover.
"It has taken a long time to buy the club but finally I have got it," Yeung said.
"There were problems.... regarding communication. When I took out the original 29.95 percent stake, I did not say I would then buy the club 100 percent.
"It just depended on the right time and now I am so happy it has all gone through."
Manager McLeish, whose side are 14th in the table ahead of Saturday's match at Arsenal, welcomed Yeung's investment.
"The news that we have money to spend is welcome. We need to strengthen and the fragility of the squad has been very evident this season," he told a news conference.
"People that spend that sort of money on a football club mean business. They will know themselves that this club needs investment."
Birmingham are the 10th Premier League club to be taken over by foreign owners. (reuters)