Blues' board committed despite 'unlikely' takeover
The board of Birmingham have reiterated their commitment to the club should Carson Yeung's takeover bid fall through.
Birmingham City plc, the company in charge of the Barclays Premier League club, this morning announced to the Stock Exchange that turnover fell 38% to £25million in the year up to August 2007.
That was largely due to Blues' relegation from the top flight in 2005/06.
In the club's statement, managing director Karen Brady insisted that if Yeung's takeover - through his company Grandtop International Holdings - did not materialise, as senior figures at St Andrews have claimed is increasingly likely, it will be business as usual for the current hierarchy.
'As shareholders are aware, discussions are continuing with GIH which may or may not lead to a cash offer for the company - however, at the time of writing this report it seems unlikely that this will happen before the end of 2007,' Brady said in this morning's statement.
'In the event that no general offer is made for the company, the board of the club wish to assure all shareholders that they are fully committed to running the business and taking it forward, as they have done since 1993.'
Brady's statement also outlined plans to continue the redevelopment of St Andrews and revealed an overhaul of training facilities was now complete.