Chinese consortium to buy into Leeds United

A Chinese consortium is looking to launch a bid before the transfer window closes on Aug 31, for English Championship soccer club Leeds United, according to a recent report by China Daily.

“The offer, which is likely to include an injection of working capital, could involve a payment of more than 100 million pounds ($131 million),” claims the report.

The move follows Chinese conglomerate Fosun's acquisition of Wolverhampton Wanderers and the purchase of Aston Villa by Tony Xia's Recon Group.

The consortium is believed to have been put together by Steve Tappin, the Chief Executive Officer and founder of consultancy Xinfu. It is said that the group consists of leading Chinese entrepreneurs and a private equity group.

The club, which is thought to be worth between 50 million and 60 million pounds, is now owned by Italian businessman Massimo Cellino, whose family trust controls 81.58% of the club.

Source: China Daily

Proofread by Sean O Diobhilin