The Chinese owner of Aston Villa football club has announced he is planning to use a private company to buy Hollywood film studio Millennium Films to avoid new regulations limiting outbound investment.
Recon Group, football mogul Tony Xia’s listed company, on Thursday told the Shenzhen stock exchange that it had terminated its purchase of a controlling stake in Millennium Films. Recon had announced its $100m acquisition in February.
The decision came because of delays in legal process due to Millennium Films’ large number of subsidiaries and intellectual property rights, Recon said.
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