Times Online - Newspaper Edition
Chinese millionaire 'interested in Leeds'
By Ashling O’Connor
ONE of China’s richest men has emerged as a possible saviour for Leeds United as the cash-starved Barclaycard Premiership club scours the globe for potential investors. Xu Ming, 32, the president of Shide, a petrochemicals and housing materials group, was yesterday named by a Chinese newspaper as an interested party in the club, which needs to find fresh capital by January 19 to avoid administration.
A keen football follower, Xu owns Dalian Shide, the Chinese first-division club, which has won seven of the past nine championships. He has spoken of wanting a joint venture with a leading European club and expressed interest in buying teams in South Korea, Australia, Italy and the United States, the Shanghai Morning Post reported. Last year, he was entertained at St James ’ Park by Freddy Shepherd, the chairman of Newcastle United, at a game against Charlton Athletic.
“While Xu Ming is still just one of the possible contenders, there are no other buyers that can come close to Shide’s financial strength,” the newspaper said.
Forbes magazine lists Xu, the son-in-law of Wen Jiabao, the Chinese Vice-Premier, as China’s eleventh-richest man with assets worth $360 million (about £205 million).
The speculation follows the decision by Professor John McKenzie to step down as chairman of Leeds after next week’s annual meeting to avoid a conflict of interest that might arise if he were to be involved in a takeover.
McKenzie, an adviser to Shanghai’s municipal government, is not thought to have any detailed plans but is talking to a number of potential investors in Asia — including, it is believed, Xu — where he has strong connections. However, it is understood that most of the Chinese interest is in developing the club’s media and merchandising rights in China rather than in buying it outright.
Leeds, more than £80 million in debt, have been given until next month by creditors before administration becomes unavoidable.
Fans, used to talk of foreign saviours that do not materialise, are unlikely to be excited by the latest development and cynicism may be a sensible response. Earlier this year, Xu was touted as a possible investor in WUSA, the women’s professional league in the United States, which employed many Chinese players. The league went bust in September.
Chinese millionaire 'interested in Leeds'
By Ashling O’Connor
ONE of China’s richest men has emerged as a possible saviour for Leeds United as the cash-starved Barclaycard Premiership club scours the globe for potential investors. Xu Ming, 32, the president of Shide, a petrochemicals and housing materials group, was yesterday named by a Chinese newspaper as an interested party in the club, which needs to find fresh capital by January 19 to avoid administration.
A keen football follower, Xu owns Dalian Shide, the Chinese first-division club, which has won seven of the past nine championships. He has spoken of wanting a joint venture with a leading European club and expressed interest in buying teams in South Korea, Australia, Italy and the United States, the Shanghai Morning Post reported. Last year, he was entertained at St James ’ Park by Freddy Shepherd, the chairman of Newcastle United, at a game against Charlton Athletic.
“While Xu Ming is still just one of the possible contenders, there are no other buyers that can come close to Shide’s financial strength,” the newspaper said.
Forbes magazine lists Xu, the son-in-law of Wen Jiabao, the Chinese Vice-Premier, as China’s eleventh-richest man with assets worth $360 million (about £205 million).
The speculation follows the decision by Professor John McKenzie to step down as chairman of Leeds after next week’s annual meeting to avoid a conflict of interest that might arise if he were to be involved in a takeover.
McKenzie, an adviser to Shanghai’s municipal government, is not thought to have any detailed plans but is talking to a number of potential investors in Asia — including, it is believed, Xu — where he has strong connections. However, it is understood that most of the Chinese interest is in developing the club’s media and merchandising rights in China rather than in buying it outright.
Leeds, more than £80 million in debt, have been given until next month by creditors before administration becomes unavoidable.
Fans, used to talk of foreign saviours that do not materialise, are unlikely to be excited by the latest development and cynicism may be a sensible response. Earlier this year, Xu was touted as a possible investor in WUSA, the women’s professional league in the United States, which employed many Chinese players. The league went bust in September.