Bloomberg reports that Vincent Tan is throwing in the towel, putting up his stake in the one-time Premier League team Cardiff City for sale.
The Malaysian businessman is said to be putting up his stake in the Major League Soccer’s Los Angeles FC, as well as professional teams in Bosnia and Belgium, for sale altogether.
He is said to have asked for around 50 million pounds for Cardiff City.
The move could be the tip of the iceberg for Southeast Asian club owners, who recently spent millions of their spare cash made from their profitable business buying small-sized clubs in the British football leagues.
Tan, who leads the Malaysian conglomerate Berjaya Group, has grown increasingly unpopular with Cardiff fans since buying the team in 2010, said Bloomberg.
Under his ownership, the team was promoted to the Premier League, then relegated to the second division again, where it’s currently in the middle of the table.
Fans also howled at some of Tan’s efforts to raise the team’s global profile, including changing the color of the Bluebirds home jersey to red.
Tan is said to have spent more than 180 million pounds on Cardiff and the club registered losses in 2015.
It lost 8 million pounds on revenue of 38 million pounds in 2015, according to its most-recent financial report.
Tan is one of a handful of minority shareholders in the Log Angeles Football Club and isn’t involved in the daily operation of the franchise.
Another Malaysian, Tony Fernandes owns the Queens Park Rangers club.
QPR has also registered losses and has fallen from its perch in the Premier League.Follow us on Social Media
Send in your scoops to firstname.lastname@example.org