Birmingham City's financial troubles deepen

Birmingham City's promotion dreams were jolted today following another worrying bulletin from the club's troubled ownership.

Cayman Island-registered parent company Birmingham International Holdings (BIH) delayed announcing its financial results for a third time, plunging Blues into huge financial uncertainty as they prepare for their Championship promotion play-offs bid.

The news from Carson Yeung's Hong Kong base leaves Blues in no-man's land for the summer and at the mercy of League officials who already have the club under a transfer embargo.

Yeung is awaiting trial in Hong Kong on money-laundering charges and his acting chairman Peter Pannu claimed the delay had been caused by "certain technical issues."

He says the results will now be published by July 31 and its annual report by August 15, but BIH has now postponed financial results in October, January and April. It has also issued a profit warning forecasting substantial losses, largely blamed on Blues' relegation last year.

Pannu said: "Our accounts have been finalised and were sent to the auditors quite some time ago.

"It is understood that the group's auditors/lawyers in Hong Kong are working closely with the club's auditors to finalise certain technical issues, as is a common occurrence with clubs relegated from the Premier League."