Chinese owner completes £210m Southampton takeover
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ByEurosport
Updated 14/08/2017 at 15:57 GMT
Chinese businessman Jisheng Gao has completed a takeover of Southampton, club owner Katharina Liebherr said in a letter to fans on Monday.
General view inside the stadium prior to the Premier League match between Southampton and Swansea City at St Mary's Stadium on August 12, 2017 in Southampton, England.
Image credit: Eurosport
"Following extensive and fruitful work, we are entering into a partnership with the Gao family and I am excited about what we will achieve together," Liebherr said.
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Southampton chairman Ralph Krueger and Southampton owner Katharina Liebherr before the start of the pre season.
Image credit: Eurosport
Although no details of the deal were released, local media reported that Gao had purchased an 80 per cent stake for around £210m.
Liebherr said she had built up a close relationship with Gao's daughter Nelly Gao, who local media said would join the board.
The Premier League approved the takeover by Gao's company in June, and the deal takes to 28 the number of European clubs now under Chinese ownership.
Seven of those are British: West Bromwich Albion, Birmingham City, Aston Villa, Wolves, Reading and Northampton are the others, with Manchester City also 13 per cent owned by Chinese.
However the Chinese government has expressed disapproval at what it calls "irrational" overseas purchases and has tightened restrictions on capital leaving China.
Mainland banks were instructed not to let property developer Dalian Wanda – which owns a stake in Atletico Madrid – refinance or inject assets into some of its offshore subsidiaries.
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