Birmingham City FC owner looks to attract buyer

RECEIVERS acting for the board of Birmingham City FC parent, Birmingham International Holdings, have said the business is doing all it can to see a resumption in share trading.

BIHL slipped into voluntary receivership earlier this week amid claims of “fractious and inharmonious relations within the management”.

The football club has distanced itself from the events but in an effort to reassure fans – and the Football League – it has claimed it is business as usual.

Fans are worried the receivership could see their team docked 10 points in the Championship and the League is seeking clarification from the club regarding the situation.

In the meantime, the receivers said BIHL was doing all it could to comply with conditions which would see share trading resume on the Hong Kong Stock Exchange.

HKSE administrators have sent the company a letter saying it would need to conduct a full investigation into the misappropriation of more than £3m from its funds and publish its outstanding financial results. It also needs to demonstrate it has sufficient working capital to remain in business.

If it can do this, the move would certainly improve the investment potential of the club to potential buyers; a situation alluded to by the receivers in their latest statement to the HKSE.

They said: “The company has been and is continuing to take appropriate steps to fulfil the conditions set out in the letter for the resumption of trading in the shares and will keep the shareholders and potential investors informed of the progress as and when appropriate.”

However, until these conditions are met to the satisfaction of the Hong Kong authorities then the shares will remain suspended.