Vincent Tan

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Vincent Tan
Vincent Tan Chee Yioun.jpg
Native name 陳志遠
Born Vincent Tan Chee Yioun
February 1952 (1952-02) (age 62)
Batu Pahat, Johor, Malaysia
Nationality Malaysian
Occupation Chairman of Berjaya Group
Owner of Cardiff City Football Club
Owner of FK Sarajevo
Home town Batu Pahat
Net worth IncreaseUS$1.6 billion (2014)[1]

Tan Dato' Seri Vincent Tan Chee Yioun (born 1952);[2] (Chinese: 陳志遠; pinyin: Chén Zhìyuǎn; Pe̍h-ōe-jī: Tân Chì-uán), known simply as Vincent Tan, is a Malaysian businessman and investor. He is the chairman and chief executive of Berjaya Corporation Berhad, which is in a wide array of businesses which includes golfing, property, resorts, and gambling in a group known as the Berjaya Group.

In 2010, he entered the Forbes billionaire list with an estimated worth of US$1.3 billion (RM4.2 billion).[3] Tan's success in the Malaysian business sector has been attributed in part to his close association with prominent Malay political figures.[2][4]

Business[edit]

In December 1980,[5] Tan purchased Malaysia's McDonald's franchise and in 1985 he bought Sports Toto when the lottery agency was privatised by the government.[4] Tan obtained the license for his lottery business from a non-tendered privatisation in 1985.[6]

Football[edit]

Cardiff City[edit]

In May 2010, Tan became the owner of Cardiff City Football Club after a consortium of Malaysian investors (led by Dato Chan Tien Ghee) bought 30% of the club's shares.[7][8]

In May 2012, the consortium said they would invest £100 million to increase the stadium's capacity and build a new training ground, providing they were given permission to rebrand the club from blue to red.[9] The plans sparked outrage among Cardiff supporters,[10] who quickly organised an emergency meeting to discuss how they would respond to the proposal.[11] The plans were subsequently dropped.[12]

One month later, the club went ahead with the rebranding, to expand Cardiff's appeal in foreign markets. Cardiff's badge was redesigned to include a red dragon, while their home kit was changed from blue to red. The club's £30 million debt to the Langston Corporation was also cleared.[13]

In April 2013, following Cardiff's promotion to the Premier League,[14] Tan promised to spend £25 million to help Cardiff establish themselves in the top flight,[15] and publicly stated his interest in listing his 36.1% stake on the Kuala Lumpur Stock Exchange (KLSE). An Initial Public Offering (IPO) would sell shares in the club to the public for the first time, in an attempt to gain capital to expand the business.[8] By April 2014, with Vincent Tan continuing to purchase shares from minor stock holders within the football club; he had increased his holding to just over 90% of the total shares according to the latest club financial statements. He had also spent an estimated £140m during his four years with the club, servicing debt, paying for player wages, and transfer fees.[citation needed]

In October 2013, Tan created more controversy after suspending Iain Moody, the club's head of recruitment,who had apparently overspent by £15 million during the summer transfer window.[16] Moody was initially added to the backroom staff by then manager Malky Mackay, and helped Cardiff sign several players ahead of their inaugural Premier League campaign. He was replaced by Alisher Apsalyamovby, a 23-year-old Kazakh who was previously on work experience with the club and is a friend of Tan's son.[17] A few months later, following an investigation over Apsalyamovby's visa,[18] he was forced to leave the club.[19]

Despite going over budget during the summer, Mackay publicly stated his plans to boost his squad during the January transfer window, which upset Tan, who said that no money would be made available.[20] Mackay said he would not resign following Tan's criticism,[21] and was subsequently backed by Cardiff fans.[22] Towards the end of December, Tan told Mackay to resign or be sacked.[23] He managed two more games before being sacked.[24]

On 2 January 2014, former Manchester United striker Ole Gunnar Solskjær was hired as Mackay's replacement,[25] but he was unable to save Cardiff from relegation.[26]

FK Sarajevo[edit]

In 2013 Tan bought Bosnian club FK Sarajevo.[27]

Horse racing[edit]

In April 2014, Tan (through one of his representatives) bought a two-year-old colt from Doncaster Bloodstock Breeze-Up Sales for £190,000. It will be trained by Australian Jeremy Gask in Wiltshire. Eamonn Wilmott, Gask's business partner, said: "We are very excited, and pleased to have Mr Tan involved. The horse looks exceptional and dominated the parade rings outside the sales."[28]

References[edit]

  1. ^ "#1122 Vincent Tan". Forbes. Retrieved 28 April 2014. 
  2. ^ a b Rajeswary Ampalavanar Brown (1996). Chinese business enterprise 4. Taylor & Francis. p. 129. ISBN 0-415-14293-8. Retrieved 22 May 2010. 
  3. ^ "Vincent Tan in Forbes billionaires list". The Star (Star Publications). 12 March 2010. Retrieved 22 May 2010. 
  4. ^ a b Qinghuang Yan (2008). The Chinese in Southeast Asia and beyond: socioeconomic and political dimensions. World Scientific. pp. 54–55. ISBN 981-279-047-0. 
  5. ^ "陈志远靠卖汉堡包起家 目前身家已超过13亿美元". 中國新聞網. Retrieved 16 January 2013. 
  6. ^ Studwell, Joe (2007). Asian Godfathers: Money and Power in Hong Kong and South-East Asia. New York: Grove. p. 130. ISBN 9780802143914. 
  7. ^ "Cardiff City's £6m Malaysian investment approved". BBC Sport. 27 May 2010. Retrieved 1 May 2014. 
  8. ^ a b "Vincent Tan linked with Cardiff City share offer in Malaysia". BBC Sport. 24 May 2013. Retrieved 1 May 2014. 
  9. ^ "Cardiff City could rebrand from blue to red". BBC Sport. 8 May 2012. Retrieved 1 May 2014. 
  10. ^ "Cardiff City shirt change proposal angers fans". BBC News. 9 May 2012. Retrieved 1 May 2014. 
  11. ^ "Cardiff City fans to meet on colour change row". BBC News. 9 May 2012. Retrieved 1 May 2014. 
  12. ^ "Cardiff City FC drop plan for red shirts instead of blue". BBC News. 10 May 2012. Retrieved 1 May 2014. 
  13. ^ "Cardiff City to change kit from blue to red amid financial investment". BBC Sport. 6 June 2012. Retrieved 1 May 2014. 
  14. ^ Dewi Hughes (16 April 2013). "Cardiff 0–0 Charlton". BBC Sport. Retrieved 1 May 2014. 
  15. ^ "Cardiff City owner Vincent Tan pledges £25m for new players". BBC Sport. 16 April 2013. Retrieved 1 May 2014. 
  16. ^ "Cardiff City boss Malky Mackay's plans upset owner Vincent Tan". BBC Sport. 16 December 2013. Retrieved 4 May 2014. 
  17. ^ "Cardiff replace head of recruitment with 23-year-old Kazakh". BBC Sport. 9 October 2013. Retrieved 4 May 2014. 
  18. ^ "Cardiff scout Alisher Apsalyamov steps aside during visa query". BBC Sport. 1 November 2013. Retrieved 1 May 2014. 
  19. ^ "Cardiff City: Alisher Apsalyamov leaves recruitment role". BBC Sport. 21 December 2013. Retrieved 4 May 2014. 
  20. ^ "Cardiff City boss Malky Mackay's plans upset owner Vincent Tan". BBC Sport. 16 December 2013. Retrieved 4 May 2014. 
  21. ^ "Cardiff City: Malky Mackay 'will not resign' after owner's criticism". BBC Sport. 17 December 2013. Retrieved 4 May 2014. 
  22. ^ "Cardiff City: Fans group backs Malky Mackay in Vincent Tan row". BBC Sport. 17 December 2013. Retrieved 4 May 2014. 
  23. ^ David Ornstein (20 December 2013). "Cardiff City: Malky Mackay told to quit or be sacked by Vincent Tan". BBC Sport. Retrieved 4 May 2014. 
  24. ^ "Malky Mackay: Cardiff City sack manager". BBC Sport. 27 December 2013. Retrieved 4 May 2014. 
  25. ^ "Ole Gunnar Solskjaer: Cardiff City hire former Man Utd striker as boss". BBC Sport. 2 January 2014. Retrieved 4 May 2014. 
  26. ^ Chris Bevan (3 May 2014). "Newcastle 3–0 Cardiff". BBC Sport. Retrieved 4 May 2014. 
  27. ^ "Cardiff City owner Vincent Tan takes control of club in Bosnia". The Guardian. 25 December 2013. 
  28. ^ Frank Keogh (25 April 2014). "Vincent Tan: Cardiff City owner buys £190,000 racehorse". BBC Sport. Retrieved 28 April 2014.