Birmingham City owner Carson Yeung is being sued for an unpaid loan he allegedly took to pay for a luxury home in Hong Kong.
Reports in Hong Kong said Yeung is being pursued by a bank for money owed over a house on The Peak, one of the area’s most prestigious addresses.
Wing Hang Bank Ltd is now asking the High Court to force him to surrender his home on The Peak, over his failure to repay the loan, according to the South China Morning Post.
The latest financial woes facing Yeung come just months after his arrest in the summer.
He has been charged with five counts of money laundering totalling £59 million, covering a six-year period from 2001.
Yeung, a former hairdresser, took a controlling stake in Birmingham City in 2009, saying he wanted to boost links between English and Chinese football.
He is due to appear back in court in Hong Kong on December 7. He has not yet entered a plea.
Meanwhile, a month ago Blues’ parent group Birmingham International Holdings issued a profit warning, blaming a “substantial loss” on relegation from the Premier League.
The holding company has also announced that its annual results for the year to June 30 2011 would be delayed for a further period to January 31 2012, while the annual report would not be issued until February 15.
The announcement, made to the Hong Kong Stock Exchange, said: “The Board wishes to inform the shareholders and potential investors that it is expected the group will record a substantial loss for the year ended June 30, 2011.
“Such loss is mainly due to the substantial impairment losses in respect of intangible assets, mainly as a result of the relegation of Birmingham City from the Premier League to the League Championship.”
Blues acting chairman Peter Pannu, writing in the match programme last month, said he was pushing BIHL and its shareholders to put money into Blues, and he understood “those in Hong Kong” were working hard to achieve this.