The attempt by Chinese-American billionaire Chien Lee and his partner, Paul Conway, to buy Partick Thistle – a transaction which could be concluded this week – could prove to be the first in a series of purchases of Scottish clubs by entrepreneurs from the USA.
Even Celtic and Rangers could be vulnerable to bids from wealthy Wall Street-listed companies, who could turn the SPFL Premiership into the MLS now the biggest names in England and Europe have been taken over by Russians, Asians or oil-rich Arab states.
Should Lee and Conway’s New City Capital assume control at Firhill, then almost half of the Championship clubs next season will be under American ownership, with Ayr United, Dundee and Dundee United already in that category.
One source, who has worked with clubs in Scotland and also had dealings with soccer and basement franchises in the USA, believes further takeovers are inevitable.
“I believe that this is the most significant development in Scottish football since Rangers went into
liquidation in 2012,” said the bus-inessman, who preferred to remain anonymous.
“There is a trend now. Ayr United, Dundee and Dundee United are already owned by Americans and, if the Thistle deal is concluded, it will mean that almost 10 per cent of SPFL clubs will fall into that bracket.
“Lee and Conway are the real deal. They have plenty of money but they spend it to make more so they’ll see Thistle as an opportunity to grow the club and then sell it on.
“Where they lead others will follow. The problem for most Amer-ican companies interested in acquiring a sporting portfolio is that they’ve been outbid by Russian oligarchs, Asian tycoons and oil-rich Arab countries when it comes to buying the top brand names in England.
“However, they now see the Scottish market as offering better value for money and just about everyone is up for grabs, including Celtic,
Rangers, Hearts, Hibs and Aberdeen.”
Lee’s company is a private investment firm which, in the last three years, has also bought Nice, who finished seventh in Ligue 1 in the season just ended, and Barnsley, who earned promotion to the Championship last month.
He and Conway are currently co-chairmen of the Yorkshire club and the Scottish financial consultant points out that Scottish clubs are prime targets for predatory hedge fund managers, including the biggest names in the game.
“They’ll be on the radar of Amer-ican businessmen and, while they might not be up for sale, nobody is until an offer is made,” he said.
“If you wanted to buy Celtic, you’d talk to Dermot Desmond. He’s the major shareholder and, while he’s a billionaire himself, he’s been involved at Parkhead for 25 years now and he’s closing in on 70 so the timing might be right for him.
“Similarly, Ann Budge at Hearts and Tom Farmer at Hibs are both in their 70s and could be persuaded to sell up. Aberdeen, with a new stadium on the horizon and a big catchment area, look ripe for the picking as well, especially with so many American companies in the area.
“Rangers have obvious potential to any investor but the biggest obstacle in their way is the stranglehold Mike Ashley has over their retail and merchandising divisions – they’ll be less attractive to potential buyers as long as that state of affairs exists.
“As for Thistle, I can see the sense in that deal. It gives these guys a low-cost entry into Scottish football in the sport’s biggest city and there are also real estate opportunities with the canal nearby.
“It might be that they’ll use Thistle as a feeder club for Nice and Barnsley but they will improve the club. These people don’t throw money around for the sake of it but they won’t just be looking to take Thistle back into the Premiership but into Europe.”
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here