Chinese investors have spent nearly 2 billion euros splashing out on European football clubs. Who is the latest tycoon to buy a Premier League club?
Chinese billionaire Gao Jisheng is buying 80 percent of Southampton, a Premier League club which last won the championship in 1976, the «South China Morning Post» reported.
It is the latest deal in a Chinese buying binge in European football which most recently saw AC Milan go to a consortium led by Li Yonghong.
«The Saints»
The football club, which is currently owned by Swiss-born Katharina Liebherr (pictured below), acknowledged merely that it is partnering with Gao, without disclosing any financial details.
«Today is the start of a new and exciting chapter for our club. Jisheng Gao and his daughter, Nelly Gao, with whom I have built a close relationship, share our values and ambitions,» she said in a statement on Southampton's website.
For now, she said it is «business as usual» at the club – also known as the Saints.
Tax Move?
Liebherr, who lives in one of Switzerland's tax-friendliest villages, gave no reason for selling down her stake, which she inherited from her wealthy German father after he died seven years ago.
European media have reported that his heirs also inherited an ugly tax liability in Germany, which could force a sale of some assets. She will reportedly keep 20 percent of the Saints.
Outdid Buyout Fund
Gao's offer for Southampton reportedly beat that of a Chinese buyout fund, which gave up its pursuit after Chinese authorities stepped up their scrutiny of offshore deals, as finews.asia has reported previously.
The 64-year-old self-made tycoon built his Lander Holdings on property, but has since moved into sports development.
In a joint statement with Liebherr, Gao said he is «honored and humbled» to partner with her on Southampton.
