The chairman of GreaterChina Professional Services, which in November said it had agreed to acquire the Hull City Premier League football club, has been arrested by Hong Kong’s Independent Commission Against Corruption.

ICAC told GreaterChina it had arrested executive director and chairman David Yip Chung Wai on April 20, according to a filing made by the company to the Hong Kong Stock Exchange and dated Thursday.

In the filing, the company’s board said it believed “the arrest of Mr Yip has no material adverse impact to the Group and the business and operations of the Group remain normal.”

Mr Yip was appointed chairman of the company in November of last year.

In November, Mr Yip told Bloomberg that Hull City club owner Assem Allam had agreed to sell the club to GreaterChina for $160m. He said the company was looking for investors to help finance the deal at the time and expected it to close in the first half of 2017.

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