MIDDLESBROUGH chairman Steve Gibson has rejected an offer from a Chinese consortium that could have resulted in him relinquishing his control of the club.

The Northern Echo understands Gibson held talks with a consortium led by Chinese-American billionaire Chien Lee, who was involved in a failed bid to take over Hull City.

Lee, who has a controlling stake in Ligue 1 side Nice, has attended a number of Middlesbrough games at the Riverside, and took part in talks about a potential commercial agreement that could have seen him eventually take control of the Teesside club.

Lee was joined with American banker Paul Conway and British business adviser Alexander Jarvis at two Middlesbrough games this season, and the trio met Gibson and his consultant Peter Kenyon at Rockliffe Hall in October.

That meeting resulted in Lee making an offer to Kenyon of around £50m for a potential 50 per cent stake in Middlesbrough.

Gibson was informed of the offer, but quickly rejected the Chinese businessman’s advances and insisted he did not want to sell his controlling stake in Middlesbrough.

He has subsquently provided further assurances that he does not want to sell to an overseas investment vehicle, although he is willing to work with foreign investors in an attempt to improve Middlesbrough's commercial reach.

Like the majority of English clubs, the Boro hierarchy regard the Far East as a potentially lucrative avenue for commercial growth.

The presence of a Far Eastern betting firm as an advertiser within the Riverside is understood to be a result of the talks involving Lee and his investment group.

Lee, who is the co-founder of the biggest hotel group in China, remains keen to invest in English football and has considered a potential investment in both Newcastle United and Sunderland.

His associates have met informally with Keith Bishop, who is a trusted advisor of Newcastle owner Mike Ashley, and have also discussed Ellis Short's willingness to sell his ownership of Sunderland. However, as things stand, a deal to take over at the Stadium of Light is not on the table.

Gibson was an instrumental member of the consortium that saved Middlesbrough following their liquidation in 1986, and took over sole control of the club in 1994.

He was writing off around £1m a month throughout the latter stages of their spell in the Championship, and was awarded the OBE for services to economy, sport and the community last November.