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May 14, 2013

Birmingham move closer to sale

Peter Pannu believes Birmingham City are in a position to start attracting a buyer for the Championship club following the approval of the club's long overdue accounts.

Financial results for the year to June 30, 2011 for Birmingham International Holdings Ltd were finally approved at BIHL's AGM last Friday.

And chairman Pannu, who has been working hard to secure fresh investment, against the backdrop of owner Carson Yeung's trial in Hong Kong for alleged money laundering, feels there are grounds for the club to be optimistic.

In recent months there have been a number of parties interested in buying the club, including a Chinese consortium, but no concrete offers have been made. Pannu now believes that could change.

"I'm glad that the past outstanding accounts have been passed through," he told the Birmingham City website. "This is a milestone and a pre-condition if we were to sell the football club, if appropriate.

"It is also a step towards the resumption of the trading of BIHL's stocks on the Hong Kong Stock Exchange which had been suspended for some time.

"The results of the AGM are encouraging for me and my staff here in Hong Kong and in the UK and it shows that our work, under very trying circumstances, over the past two years has been acknowledged by the voting shareholders who effectively own the parent company and the club.

"There are many challenges ahead and we still need to work together in the best interests of the football club and our loyal fans.

"Another point to note from this AGM and the counted votes is that we should not, as I have been emphasising all along, be distracted by inaccurate and misleading reports of the intentions of shareholders prior to the AGM and what their plans were. The events of the AGM has proven many wrong.

"Now we need to move ahead and prepare for the sale of the club, if the terms are right, and also to prepare for the next season in the interim."

Among other business taking place at the AGM was the re-election of members of the BIHL board and Pannu was re-elected by a majority of 92.89% of shareholders.

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