Birmingham raises $11 million through share sale

By foxsports
Published

Birmingham's holding company says more than $10 million has been raised by selling shares in the Premier League club.

A statement to the Hong Kong Stock Exchange says 12.37 percent of Birmingham International Holdings has been sold to six parties unconnected with the company.

The sale of 450 million shares has raised 87 million Hong Kong dollars ($11 million) and means owner Carson Yeung's overall stake has dropped from 18.5 percent to 16.3 percent.

Birmingham revealed earlier this month that it has debts of 348 million Hong Kong dollars ($45 million).

Birmingham's 48-year wait for a title ended last month by winning the League Cup, but the team is next-to-bottom in the Premier League.