Blues’ cash crisis puts off investors
Wednesday 27th July 2011, 9:00AM BST.
Birmingham’s acting chairman Peter Pannu has claimed criminal charges brought against the club’s owner Carson Yeung are hampering efforts to find new investment.
Blues’ parent company, Birmingham International Holdings Limited (BIHL), have been unable to trade on the Hong Kong stock exchange since Yeung’s arrest last month.
Yeung is due to appear in court in August to face charges on five counts of money laundering, covering a six-year period from 2001.
The 61-year-old is the largest shareholder with a 26.3 per cent stake, has had his assets frozen and Pannu concedes the club’s bankers are “concerned.”
He said: “Carson has been trying hard to find new investors, but the money laundering charges understandably meant that the progress has been slow.
“I understand there is one interested party and they are working on it and BIHL’s board are now trying to resume trading of stock.
“Hopefully the resumption of trading in Hong Kong could lead to the raising of some capital to appease HSBC, our bankers.
“They are speaking to Pauline Wong, as the group’s financial controller, and seeking answers from her on matters of concern.”
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As local football fans thought all along.
Big talk and bluster.
But behind the scenes, a gaping black hole in the finances.
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Add in the loss of shirt sponsor and revenues from the premier league and it all looks a bit bleak.
How many more players are to be sold on the cheap to help pay for the pillaging from Gold/Sullivan and now Yeung?
We’re the new Leeds/Pompey. Horrible mis-management.
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awww poor old blues – they have gone from being owned and run by the cockney porn kings to being owned by a far eastern crook who has no assetts and nowhere near the ammount of cash he made out – the club has no money and are selling ALL of there best players for peanuts and are even GIVING AWAY their best players to get them off the wage bill – kind of funny really !!
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I remember when we were skint and in serious danger of going out of business altogether under the Bhattis. Then, when we were due some life saving cash from Blues as a sell on clause when they sold Wayne Clarke to Everton they concocted a deal that never gave us the full amount. Wolves fans with long memories still remember the Clarke/Stuart Storer disgrace. You tend to remember those who kick you when you are down. So, as they tried to push us under when they could have helped us i couldn’t give a toss about them and their history of failure, cockups, dodgy dealings and odious owners. What goes around comes around eh?
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As predicted by a lot of people,such a shame if they go bust..good job Wolves are increasing their capacity as I can see a few bleunoses supporting us in future
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