Berjaya founder to let go of Cardiff City

Berjaya Group founder Vincent Tan is reportedly letting go of several football clubs overseas, including the one-time Premier League team Cardiff City.

Bloomberg quoted sources who said Tan is also letting go of his stakes in Major League Soccer’s Los Angeles FC, as well as professional teams in Bosnia and Belgium.

Since buying Cardiff City in 2010, Tan has seen the team being promoted to the Premier League, then relegated to the second division again, where it’s currently in the middle of the table.

The Bloomberg report also quoted an anonymous source who said Tan had spent more than 180 million pounds (US$220 million) on the team, including its purchase price.

The club lost 8 million pounds on revenue of 38 million pounds in 2015 and it was reported that Tan is said to be looking to sell it for around 50 million pounds.

Tan would also consider selling his soccer portfolio as a whole, said another source.

"We would entertain an offer but we’re in no rush to sell, nor do we need to sell," Mehmet Dalman, a former board member of Commerzbank AG who is also Cardiff chairperson, was quoted as saying.

According to the report, China’s Fosun International Ltd had last July paid about 45 million pounds for Wolverhampton Wanderers, who are currently 11 points behind Cardiff City.

Aside from Cardiff City, Tan also held minority stakes in LAFC which had recently paid US$110 million as part of the Major League Soccer's expansion to 28 clubs.

Tan has been described as an "unpopular" figure in South Wales for, among others, his decision to change Cardiff's home colours from blue to red before the decision was reverted.- Mkini