Yeung promises McLeish £40m for January spree to help avoid drop

Birmingham's new owner says 'yo-yo club can one day be one of the best in Europe'

(PA)

Carson Yeung, the new owner of Birmingham City, yesterday swept into the club and pledged to spend up to £40m in the January transfer window to keep them in the Premier League.

Yeung was making his first appearance at St Andrew's since his ill-fated attempt to buy the club two years ago contributed to then-manager Steve Bruce's departure and the Blues' ultimate relegation. Some fans are sceptical about the Hong Kong businessman's motives in buying out former owners David Sullivan and David Gold for £81.5m earlier this month through Grandtop International Holdings. However, Yeung and his associates were quick to stress that they aim to build Birmingham into an established Premier League club and will provide the resources for manager Alex McLeish to strengthen the side significantly in the new year.

"I will talk to Alex about his needs first," Yeung said. "My first plan is to support the club with £20m to £40m. I will be supporting the manager. We have an excellent management team. Our aim is to work hard to secure our position in the Premier League, not only for this year but for many years to come. Birmingham can become as big as possible. We are competitors for Aston Villa.

"In the short term, I just care about January. But in the future there will be more money, and longer term we believe there is a major opportunity to build Birmingham's fan base in China and to generate new sources of revenue for the club.

"What is the target for Birmingham? Maybe 10th or ninth this season, maybe better next season, not to be a yo-yo club anymore. It's a long, long target but we hope Birmingham can become one of the best clubs in Europe. Let's take it step by step – but why not?"

After a promising start to the season, Birmingham have lost four of their last five Premier League games and, though 14th in the table, they are only out of the relegation zone on goal difference. The squad has been hit by injuries, but, sitting next to Yeung, McLeish attempted to dampen expectations that they are on the verge of some big signings. "We still have to realise we are not a Manchester United, Manchester City or Liverpool," he said. "We will still target a certain type of player. We are not going to target an Emmanuel Adebayor, but there are players out there I know will enhance my first XI that we will try to attract."

Yeung bought a 29.9 per cent stake in Birmingham in November 2007, which made him the club's largest individual shareholder. But it has taken him until now to take complete charge of the club. He explained: "I'm happy to be here. It has taken a long time to buy the club – but finally I have got it.

"There were problems with each other regarding communication. When I took out the original 29.9 per cent stake, I did not say I would then buy the club 100 per cent. It just depended on the right time, and now I am so happy it has all gone through."

Yeung will take an active role but, with the departure of former chief executive Karren Brady, will have the support of chairman Vico Hui, plus new chief executive Michael Dunford. Yeung promised: "I will be here three or four times a month and I will try and see every home game."

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Seasons since Birmingham City won their only major trophy, the 1963 League Cup.