Cardiff City owner Vincent Tan has reportedly sold half of his stake in MLS club Los Angeles FC – and plans to sell off the other half as well.
The shares already sold, purported to be worth around $70m, are said to have been bought by a group of individuals within the club, who are already planning to buy the rest of his stake, too.
Tan owned 20 percent of LAFC but his shareholding is now said to have been reduced to just 10 percent, according to the LA Times .
It all points to a streamlining of Tan’s footballing portfolio, helping him to narrow his focus on Cardiff City and their bid to get back into the Premier League.
Sources close to Tan say that is very much his priority.
News of the American scaleback comes after impeccable sources at Cardiff City told WalesOnline that reports Tan was planning a takeover of Spanish club Malaga were wide of the mark .
We reported back in the summer that Tan was planning to sell all of his shares in the LA FC and while it has not as yet been made official, this alleged sale appears to be the first big step towards that.
As well as Cardiff and LA FC, Tan currently owns Belgian First Division side KV Kortrijk and Bosnian club FK Sarajevo.
Bluebirds fans will be hoping much of the money Tan is getting from the sale will be ploughed into Cardiff, as Neil Harris seeks to strengthen the squad further in the summer transfer window.
The sale, according to the American outlet, values the club, which formed only in 2018, at more than $700m, making it the most valuable franchise in MLS history.
It looks as though Tan is slowly exiting surely the most glamorous board in world football with minority owners including Golden State Warriors co-owner Peter Guber, actor Will Ferrell, Magic Johnson, former football star Mia Hamm and her husband, former baseball player Nomar Garciaparra.
LA FC’s first game of the 2020 season saw them take on David Beckham’s newly-formed MLS franchise Inter Miami on Sunday, game the Los Angeles side won 1-0 thanks to a goal from former Arsenal forward Carlos Vela.
Business and Sports News from Mike Armstrong – See http://mikearmstrong.me