Vincent Tan
Vincent Tan Chee Yioun | |
|---|---|
| Born | February 23, 1952 Batu Pahat, Malaysia |
| Occupation(s) | Entrepreneur, investor |
| Known for | Founder and chairman of Berjaya Corporation; owner of Cardiff City, FK Sarajevo, KV Kortrijk, former part-owner of Los Angeles FC |
Vincent Tan Chee Yioun (; born 23 February 1952) is a prominent Malaysian entrepreneur and investor, recognized as the founder and chairman of Berjaya Corporation, a diversified conglomerate publicly traded on the Bursa Malaysia. Beyond his leadership at Berjaya, Tan has vested interests spanning internet ventures, water supply services, media outlets, retail businesses, and telecommunications.
He first appeared on the Forbes list of billionaires in 2010, with an estimated net worth of USD 1.6 billion (RM4.2 billion). His business achievements have been linked in part to his close associations with influential Malay politicians. As of April 2024, Forbes valued his net worth at $730 million, positioning him as the 29th wealthiest individual in Malaysia.
Early life
Born in Batu Pahat in 1952, Tan attended Batu Pahat High School. Although he initially intended to pursue legal studies in New Zealand, he instead took up a bank clerk position due to his father's declining business fortunes. Subsequently, he transitioned into life insurance sales with AIA, advancing to agency manager by age 23.
Tan established several private enterprises across trading, credit services, general insurance, and property development sectors. Among these was a joint venture with Tokio Marine & Fire Insurance, which evolved into United Prime Insurance. In 1981, he acquired the Malaysian franchise rights for McDonald's, completed training at Hamburger University, and by 1982 became managing director of McDonald's Malaysia.
Berjaya Corporation
Tan joined Berjaya in 1984 when the group acquired a 48% stake in consumer electronics firm Regnis. He maintained connections with then-finance minister Daim Zainuddin. The following year, Tan purchased a controlling 51% interest in Sports Toto from the Malaysian government; the company's pre-tax earnings rose from RM 5 million in 1985 to RM 36 million by 1989. To consolidate control, he transferred Sports Toto shares into Berjaya. In 1988, Tan exchanged Berjaya shares for Raleigh Bhd—a previously loss-making company linked to Daim—renamed it Inter-Pacific, and designated it as Berjaya’s holding entity. Under his direction, Berjaya's pre-tax profit expanded dramatically from RM 700,000 in 1984 to RM 70 million by 1989.
In 2010, Ascot Sports Sdn Bhd, a fully owned subsidiary of Tan's, was granted a gaming license; however, this license was revoked within the same year. As of 2018, there were no government plans to reissue such licenses.
Berjaya Corporation Berhad’s principal publicly listed subsidiaries include:
- Berjaya Land Berhad
- Sports Toto Berhad (formerly known as Berjaya Sports Toto Berhad)
- Berjaya Food Berhad
- REDtone Digital Berhad
- Berjaya Philippines Inc.
Cardiff City
In May 2010, Vincent Tan assumed ownership of Cardiff City following a Malaysian consortium led by Dato Chan Tien Ghee acquiring a 30% shareholding in the club.
By May 2012, this consortium proposed investing £100 million towards stadium expansion and constructing a new training facility. This plan was contingent upon changing the club’s traditional blue colors to red—a move that initially provoked strong opposition from supporters and was temporarily abandoned. Nevertheless, one month later the club proceeded with rebranding efforts aimed at increasing global appeal: adopting a red dragon emblem and switching the home kit color to red. Additionally, Cardiff cleared a £30 million debt owed to the Langston Corporation.
After Cardiff secured promotion to the Premier League in April 2013, Tan committed £25 million for squad improvements and expressed intentions to float his 36.1% stake on the Kuala Lumpur Stock Exchange through an initial public offering (IPO) to generate funds for further growth.
In October 2013, Tan suspended head of recruitment Iain Moody over an alleged overspend of £15 million during the summer transfer window. Moody had been appointed by then-manager Malky Mackay and was replaced by Alisher Apsalyamov—a young Kazakh associate linked to Tan’s son. Following investigations related to visa issues, Apsalyamov departed from the club.
Despite concerns about excessive spending, Mackay sought additional reinforcements during the January transfer period; however, Tan withheld financial support. After public criticism from Tan towards Mackay, the manager refused to resign and retained fan backing. By December, Tan demanded Mackay’s resignation or removal; after two more matches Mackay was dismissed. Subsequently, allegations emerged accusing Mackay of sending anti-Chinese messages; these claims were defended by Dave Whelan of Wigan Athletic while Tan accused both parties involved of racism.
On 2 January 2014, former Manchester United striker Ole Gunnar Solskjær was appointed as manager but was unable to prevent relegation. Solskjær later resigned and was succeeded by Russell Slade.
In October 2016, Tan appointed Neil Warnock as manager. Cardiff City achieved promotion back to the Premier League by 2018 but were relegated after one season following an eighteenth-place finish.
FK Sarajevo
In December 2013, Tan completed the acquisition of the Bosnian football club FK Sarajevo. This partnership established a collaboration between Cardiff City and FK Sarajevo, focusing on player exchanges and the creation of a football academy designed to nurture emerging talent. Notable signings such as Miloš Stojčev, Džemal Berberović, and Nemanja Bilbija played pivotal roles in securing the 2013–14 Bosnian Cup, marking FK Sarajevo’s first significant trophy since their 2006–07 domestic Premier League triumph. Robert Jarni was appointed as head coach in December 2013 but was relieved of his duties four months later due to unsatisfactory league results. In July 2014, FK Sarajevo triumphed over Cardiff City FC U21 with a 4–1 victory in a friendly match. The club also advanced to the play-off stage of the 2014–15 UEFA Europa League, where they were ultimately eliminated by German Bundesliga team Borussia Mönchengladbach.
Bosnia experienced devastating floods in May 2014, inflicting damage estimated in the hundreds of millions of euros and causing 24 deaths. The financial impact was considered potentially more severe than that of the Bosnian War. In response, Tan personally contributed €114,000 in June 2014, while Malaysians collectively raised an additional €169,000 for flood relief efforts.
On 17 July 2014, during a Europa League qualifier at Sarajevo’s Olympic Stadium, Tan pledged €255,000 each to hospitals in Doboj and Maglaj to support medical equipment procurement. He emphasized his dedication to Bosnia through his association with FK Sarajevo and promoted fundraising initiatives via Malaysia's The Sun newspaper.
Kortrijk
Vincent Tan acquired the Belgian football club KV Kortrijk for five million euros on 12 May 2015. In 2019, he facilitated the recruitment of Malaysian talent Luqman Hakim Shamsudin from Selangor on a five-year deal to enhance the club’s player roster and broaden its market reach.
Los Angeles FC
Tan became part of a major ownership consortium for Major League Soccer’s Los Angeles FC in 2014; the team commenced competition in 2018. By 2017, reports surfaced that Tan was contemplating divesting his stakes in Cardiff City, Los Angeles FC, and his Bosnian and Belgian clubs. He eventually sold his 20% ownership in Los Angeles FC in 2020, coinciding with the club’s record valuation surpassing $700 million.
Horse racing
In April 2014, acting through a representative, Tan purchased a two-year-old colt at the Doncaster Bloodstock Breeze-Up Sales for £190,000. The colt is under the training of Australian Jeremy Gask based in Wiltshire. Gask’s business partner, Eamonn Wilmott, praised the colt’s outstanding quality and expressed excitement regarding Tan’s involvement in horse racing.
Philanthropy
Tan established the Better Malaysia Foundation, which provides interest-free loans and scholarships to students facing financial hardships. In 2011, he was recognized on Forbes Asia's Heroes of Philanthropy list after committing half of his wealth to charitable causes.
By 2017, Tan had donated RM7.6 million to various organizations such as Mercy Malaysia and Tzu Chi Malaysia, including a RM500,000 contribution that year.
Honours
Honours of Malaysia
- Template:Country data Malaysia :
- Commander of the Order of Loyalty to the Crown of Malaysia (PSM) – awarded the title Tan Sri (1991)
- Template:Country data Kelantan :
- Knight Grand Commander of the Order of the Life of the Crown of Kelantan (SJMK) – bestowed with Dato' (2005)
- Template:Country data Pahang :
- Grand Knight of the Order of the Crown of Pahang (SIMP) – originally Dato, now elevated to Dato' Indera (1989)
- Template:Country data Terengganu :
- Knight Grand Commander of the Order of the Crown of Terengganu (SPMT) – honored as Dato' (1991)
- Knight Grand Companion of the Order of Sultan Mahmud I of Terengganu (SSMT) – awarded Dato' Seri (1997)
External links
- 1952 births
- Living people
- Individuals from Batu Pahat
- Malaysians of Chinese heritage
- Malaysian entrepreneurs
- Former billionaires
- Malaysian financiers
- Malaysian corporate chairpersons
- Malaysian CEOs
- Founders of Malaysian companies
- Berjaya Corporation
- McDonald's affiliates
- Cardiff City F.C. executives and chairpersons
- Football club investors and chairmen
- Recipients of the Order of Loyalty to the Crown of Malaysia, Commander rank
- Philanthropists active in the 21st century
- Malaysian business figures of the 20th century
- Malaysian business leaders of the 21st century
- Knights Grand Commander of the Order of the Crown of Terengganu
- Belgian football club directors
- Owners in Major League Soccer