Tom Wagner, an American billionaire, is buying 45.64% of English soccer team Birmingham, calling its potential “unlimited.”
Wagner’s Shelby Companies Limited will take over Birmingham’s St. Andrews stadium.
Birmingham last played in the Premier League in 2011.
Wagner wrote to followers that Shelby’s parent company, Knighthead Capital Management, has experience “turning around and transforming organizations that are experiencing difficulties.”
Wagner stated, “We plan to commit the resources, in line with (English Football League) guidelines, the skills and the determination needed to deliver transformational improvements for the good of the club and the city.
He said, “The transition and implementation plans will take time and require your patience, but we believe we will earn your trust and succeed with your support.”
The deal requires EFL and HKSE clearance.
Wagner attended the central England club’s season finale against Sheffield United on Monday. Birmingham entered the game 17th in the 24-team league.