Malaysian billionaire Vincent Tan is exploring an initial public offering of League Championship side Cardiff City for as early as this year "in a deal that would follow the team's recent promotion to the Premier League," according to Yantoultra Ngui of REUTERS. The process is in its early stages, "with details on the timing, size and listing venue subject to change." Prospects for the Welsh team "are unclear." Former Nomura and UBS investment banker Philippe Espinasse said, "There's a pretty mixed history of sport clubs with their IPOs. It's more an emotional investment than a rational one." One person said that the initial plan "is to list the club on the Kuala Lumpur Stock Exchange." Another person said that "the deal may be completed as early as this year." The sources "declined to be identified as the information was not public" (REUTERS, 5/24). The BBC reported Tan has promised to spend £25M ($37M) "on players this summer as Cardiff prepares for the Premier League." Tan, who was unavailable for comment, had been quoted in the Malaysian press as saying he would consider offers for the Welsh club, but later said he would "like to be here for the long haul" (BBC, 5/24). WALES ONLINE's Peter Law wrote Premier League football is expected to quadruple Cardiff City's revenue to about £80M ($120M) next season, "thanks largely to the bumper television broadcast rights deal." Cardiff City supporter and int'l accountancy firm Mazars Dir Keith Morgan said an IPO would be one way of Tan getting a "big return" on the money he has loaned the club, which he believes to be about £60M-£70M ($90M-$105M) (WALES ONLINE, 5/24).
