Premier League side Southampton "edged closer to being taken over" by a Chinese consortium after Lander Sports Development tabled a £190M ($237.2M) bid for the club, according to Alex Terrell of THE SUN. Owner Katharina Liebherr previously said that "she is looking for fresh investment in the Saints." Lander, who has no previous history of outright owning a football team, has been involved in "leasing, development and distribution" of sports. Industry experts valued Southampton between £160M ($200M) and £220M ($275M), but "it was thought Liebherr was hoping for up to" £270M ($337M) for the club. Lander is looking to purchase a 100% stake in the club at around £190M. The company had a £180M ($225M) bid turned down in January. Talks over finalizing the sale of the club are reportedly at an "advanced stage." One of the "stumbling points" is believed to be whether Liebherr is going to "completely withdraw from the club or stay on to provide some continuity during the transition." Saints Chair Ralph Krueger and CEO Gareth Rogers are "likely to remain in place on the board" if Lander secures the takeover. A rival bid from CITIC Securities, a Chinese bank, was reportedly tabled last month -- and that offer was understood to be £225M ($281M), which "begs the question as to why Liebherr is happy to accept" £35M ($44M) less, "other than assurances that such a sum would be invested in the team" (THE SUN, 3/22). In London, Matt Hughes reported the Chinese property development company "proposed a phased takeover in which it would initially buy into the club before going on to take full control." The sale is being handled by the Zurich office of investment bank UBS, "which has been retained by Liebherr since she inherited Southampton after the death of her father," Markus, in '10. Lander and Southampton have been "talking for more than a year." Liebherr’s "willingness to sell stems from her belief that Southampton require additional investment to cement" its position as a top-ten Premier League club and a "desire to spread her assets across a wider portfolio." Southampton posted "healthy financial results" for the year ending '15-16, with post-tax profits of £4.9M ($6.1M) and an increased turnover of £124.3M ($155.2M), although the club retains debts of almost £50M ($62.4M), a "factor that is believed to have played a part in the protracted negotiations." Lander is seeking to become the second Chinese owner in the Premier League after Guochuan Lai’s takeover of West Bromwich Albion last year (LONDON TIMES, 3/22).
