The Beautiful Game
Enter your details to log in. If you haven't already signed up for an account, feel free to join and experience the full forum.

Birmingham Blues....

Go down

Birmingham Blues.... Empty Birmingham Blues....

Post by TheBourbonKid on Wed Jul 27, 2011 8:41 am

Birmingham City's acting chairman, Peter Pannu, has revealed that the club might have to sell more players in order to survive.

The club's finances have been in doubt since owner Carson Yeung was arrested in Hong Kong last month and charged with five counts of money laundering.Birmingham Blues.... Spacer

Yeung, who denies the charges, has seen his assets frozen and shares in the club's holding company have been suspended.

PannuBirmingham Blues.... Spacer admits the Championship club may be forced to sell their best players, including Scott Dann,Birmingham Blues.... Spacer Ben FosterBirmingham Blues.... Spacer and Liam RidgewellBirmingham Blues.... Spacer to ensure they can pay their bills.

Unpopular decisions

"Upon my return I may have to make some unpopular decisions and I hope the fans will understand that I effectively don't have a choice," Pannu told the Daily Mirror.

"The club may need to do what is right and to buy time until Carson's assets are dislodged from the clutches of the courts in Hong Kong."

Pannu is hopeful Birmingham International Holdings Limited would soon be able to meet the demands of its bankers, HSBC, and that trading in shares would resume, but could not offer guarantees of how the club would continue to fund itself in the meantime.

Financial distress

"An update to the fans is long overdue and it is just fair they hear the latest developments from me now," added Pannu.

"But I am not aware of their plans as to how they propose to fulfil the financial distress posed by the relegation scenario and the freezing of Carson's assets in Hong Kong.

"Carson had been trying hard to find new investors but the money laundering charges understandably meant that the progress had been slow. "
Hot Prospect
Hot Prospect

Posts : 2267
Join date : 2011-04-13
Age : 39
Location : Blah
Job/hobbies : Blah
Humour : Blah

Back to top Go down

Back to top

Permissions in this forum:
You cannot reply to topics in this forum