As Pannu departs has a Birmingham City takeover moved closer?
SOURCES close to Birmingham City FC have suggested to TheBusinessDesk.com that a takeover deal has moved closer now that Peter Pannu has left the club.
Acting chairman Pannu’s contract ended on Tuesday and a statement from the club said: “Birmingham City Football Club can confirm that the service agreement of Peter Pannu will not be renewed beyond 30 September 2014.
“Panagiotis Pavlakis (Panos) will continue to act as representative of the BCFC Board in the UK and oversee the day-to-day running of the club with full support from the UK management team.”
Pannu signed a five year deal agreement with the club’s now disgraced and imprisoned owner Carson Yeung in September 2009.
TheBusinessDesk.com’s sources suggest Pavlakis will now be going all out to secure a buyer for the club.
A number of parties are understood to be circling with strong interest from potential buyers from the US and the Middle East.
Pannu’s departure comes as Birmingham International Holdings (BIH), the owner of the St Andrews club, revealed increased financial losses in its latest annual results.
BIH, which is listed on the Hong Kong Stock Exchange, said pre-tax losses for the year to June 30, 2014 had increased to £10.7m, up from a loss of £9.9m the previous year.
Turnover was also down, falling from £23.4m in 2013 to £20.1m.
