Newcastle Jets are hoping their longstanding financial woes are coming to an end after their owner struck an agreement in principle to sell the club to a Chinese-owned investment firm based in Australia | SMHsport
Newcastle Jets are hoping their longstanding financial woes are coming to an end after their owner struck an agreement in principle to sell the club to a Chinese-owned investment firm based in Australia.
After first putting the club on the market nearly a 18 months ago, Jets owner Martin Lee is on the cusp of selling the club to Sky Jade Capital, a Chinese-funded company that has an office in Melbourne and describes itself as ''a boutique investment firm'' on its website.
FFA checks all prospective owners before approving transfers of A-League licences. FFA would not comment on Sky Jade's bid for Newcastle Jets. A spokesman for the organisation said all bids were assessed on a case-by-case basis and the due diligence process could include consultation with the federal government's Foreign Investment Review Board.Chinese lighting magnate Martin Lee is keen to offload the Newcastle Jets to a new owner.
Trade tariffs between China and US heavily impacted Lee's LED lighting company, while Chinese government restrictions on money being moved out of the country led to a lack of resourcing for the Jets over the past two seasons. Lee reportedly paid $5.5 million for the club's licence in 2016 and had tipped in more than $15 million in operational costs over four years.
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