Birmingham City owners again delay results announcement
THE owners of Birmingham City Football Club have further delayed an announcement of the club’s annual results for the year ended June 30, 2011.
It is the fourth time Birmingham International Holdings has failed to make the announcement.
In an announcement to the Hong Kong Stock Exchange, the Cayman Island-registered company explained its position.
It said: “As more additional time is required by the company’s subsidiaries in finalising its financial statements and preparing the final results of the group, announcement of the final results will be further delayed to no later than July 31, 2012. Meanwhile, despatch of the annual report will be delayed to no later than August 15.”
A board meeting to approve the results has also been postponed until such time as the document is ready.
The statement is signed by the holding company’s executive director and chief executive Vico Hui Ho Luek.
The club, which has secured a place in this season’s Championship play-offs, has struggled to attract investment all season, following last year’s relegation from the Premier League.
The holding company had warned earlier this year that the loss of Premier League status was likely to have a significant impact on the club’s finances.
Fellow West Midland club, Wolverhampton Wanderers, has been relegated from the top flight this season and predictions are it will cost the club around £30m.
Birmingham’s plight has not been helped by the arrest last year in Hong Kong of chairman Carson Yeung on money laundering charges.
He remains a member of the company’s board alongside Yang Yue Zhou, Hui Ho Luek, Steve McManaman, Lee Yiu Tung, Chan Shun Wah and Pauline Wong Po Ling.
