GreaterChina Professional Services Limited (HK:8193), a fast-developing company since it listed on the Growth Enterprise Market of the Hong Kong Stock Exchange in 2011, announced plans to acquire Hull City Association Football Club, one of the football clubs competing in English Premier League.
The proposed acquisition is part of GreaterChina Professional’s business expansion and diversification of income sources.
According to the announcement published by the Group dated 13 October 2016, the consortium formed by the Group has entered into Heads of Terms with Allamhouse Limited, the Vendor, regarding the proposed acquisition by which the Group intends to acquire the target group under the consideration with GBP130 million (approximately HK$1.27 billion).
The target group carries on the business of professional football in EPL in the name of Hull City A.F.C..
Founded in 1904, Hull City A.F.C. is a professional association football club based in Hull, East Riding of Yorkshire, England with KCOM Stadium as its home. Its byname “Tigers” originates from its signature black and amber striped jerseys. Hull City A.F.C. was first promoted to EPL by winning the play-offs in 2007/08 Football League Championship (“The Championship”).
In 2014, the club first competed in The Football Association Challenge Cup Final (FA Cup Final) and was then qualified for the coming UEFA Europa League. It was also the first time the club competed in European games as an EPL representative. Currently, Hull City A.F.C. is one of the 2016/17 Premier League clubs boasting high morale and strong competitiveness.
“The proposed acquisition of Hull City A.F.C. is a pleasure and great expectation to the Group. As a British famous football club aged more than a century, Hull City A.F.C. is a witness to milestones in both English and global football development. Besides, we believe that Hull City A.F.C. is a solid EPL club with great potential and huge room for development. In the last decade, Hull City A.F.C. managed to excel itself by extending its battlefield from the Championship to EPL. It even further competed in European games as an EPL representative. Hull City A.F.C. turns itself into a spotlight of international football by escalating from one peak to another. It is for such colossal potential that we intend to acquire Hull City A.F.C.,” said Mr. David Yip, Executive Director of GreaterChina Professional Services Limited.
GreaterChina Professional Services Limited provides various services including asset appraisal and asset advisory services, corporate services and consultancy services, media advertising services, and financial and mortgage services.
The Group has always been exploring different new opportunities to bring favourable return to shareholders. The management believes that the acquisition will not only create more unprecedented opportunities in media advertising and relevant areas for the Group in China market, but also be an important move to fulfill the Group’s goals of diversifying businesses and extending income sources. As always, the Group will endeavor to bring a better long-term return to shareholders as a reward to their support to the Group. – BusinessNewsAsia.com