Blues owner delays release of latest results fuelling speculation about club’s financial health
BIRMINGHAM City FC owner Birmingham International Holdings has delayed the release of its annual results heightening concerns the club could be on the verge of running out of funding.
Reports have suggested that club may only have a few weeks left before the cash runs out altogether and it is forced into administration.
On-field heroics against Stoke City in the Capital One Cup indicated that on the footballing side, the club could still be viable.
However, where it will find the funds necessary to stay in business remain unclear.
Chairman Carson Yeung is currently involved in a lengthy court case in Hong Kong on money laundering charges and the case is not expected to end until next year.
Speculation about potential buyers – such as Solihull-based businessman Gianni Paladini, who mounted a bid to acquire the club last year – have resurfaced, however, BIH has denied being in talks.
The latest statement by BIH to the Hong Kong Stock Exchange will do little to calm the nerves of supporters.
It states: “The results for the group for the year ended June 30, 2013 were originally expected to be announced to the shareholders of the company on or before October 31, 2013.
“However, as additional time is required in finalising the financial statements of the company’s subsidiaries and preparing the annual results, the announcement of the annual results will be further delayed to no later than November 29, 2013.”
Meanwhile, it said the despatch of the annual report would be delayed until no later than December 15.
A board meeting for the purposes of approving the results has also been postponed to a date to be fixed.
BIH said it would make a further announcement regarding the rescheduled date of the board meeting in due course.
In an earlier statement, the company confirmed that “no written agreement had been reached or signed with any party in relation to the disposal of all or part of the company’s interest in the football club”. It also confirmed that it had no immediate plans to dispose of a controlling equity interest in BCFC or Birmingham City plc.
Interestingly, this announcement was signed by Carson Yeung in his capacity as executive director and chairman of BIH. The latest statement is signed by Peter Pannu, executive director, CEO and managing director of BIH.
