Hong Kong judge grants Birmingham City owner permission to travel - CNN International
- A judge doubles his bail
- Lawyer: Yeung will go to London to meet with his club's new managers
- He was arrested in June
- He will enter a plea in December at his next hearing
(CNN) -- Hong Kong tycoon Carson Yeung, the owner of relegated English Premier League football club Birmingham City, has been granted permission to travel to Britain while he awaits trial on money laundering charges.
A Hong Kong district court judge doubled Yeung's bail from $520,000 to $1.03 million while he leaves the country, said his lawyer Clive Grossman.
Once Leung returns, his bail will be reduced to the original amount again, Grossman said.
Yeung will go to London next month to meet with the club's new manager, board and players.
The tycoon was arrested in June and charged with five counts of "dealing with property known or believed to represent proceeds of an indictable offence," police said then.
Yeung will enter a plea at his next hearing in December. At the same hearing, a judge will set a trial date.
Yeung, a former hair-stylist who reputedly made his fortune investing in penny stocks in Macau, took control of Birmingham City in 2009 after failing with a previous attempt to buy the club. He eventually secured a 23.3% controlling stake, promising to raise the club's global profile, particularly in China.
However the club had a roller-coaster season on the field this year. In February, they won their first trophy since 1963 when they beat Premier League giants Arsenal 2-1 in the League Cup final at Wembley.
But barely three months later, they experienced the ignominy of relegation to the Championship on the final day of the league season. Weeks later the manager of the club, Alex McLeish, resigned from his post and joined bitter city rivals Aston Villa.
Off the field, the demotion will cost the club -- already believed to be carrying a significant debt -- tens of millions of dollars in lost television revenue from British-based broadcaster Sky Sports, reduced sponsorship and a drop in ticket sales.
30 Aug, 2011--
Source: http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGrXMpkuYceKJxmZFZIJRVetPAMCQ&url=http://www.cnn.com/2011/SPORT/08/30/birmingham.city.yeung/
~
Manage subscription | Powered by rssforward.com
