Yeung claims communication collapsed deal
The Birmingham takeover saga has taken a new twist with prospective new owner Carson Yeung's company Grandtop International Holdings (GIH) claiming it is they who have suspended a buy-out of the club until there are better communication links between the two parties.
And GIH are insisting they have no plans to dispose of the 29.9% stake they have already acquired in Blues from chairman David Gold and co-owner David Sullivan.
City issued a statement to the Stock Exchange on Thursday claiming they had pulled the plug on the deal after becoming frustrated at Yeung failing to produce evidence he could raise the £35 million needed to take full control.
But GIH are adamant they are responsible for putting the deal on ice for the foreseeable future after not being given a place on the board or being kept informed of any major board decisions.
GIH, in a statement, claim: 'Grandtop have decided to suspend acquisition of the remaining 70.1% of equity interests of Birmingham City PLC (BCP) until a close communication channel is established between BCP and Grandtop.
'The Company completed the acquisition of 29.9% of BCP on November 23 2007 and we are now the single largest shareholder of BCP. To the best of our knowledge, all major shareholders of BCP have representatives in the board of BCP.
'Unfortunately, despite our repeated request, neither are we accepted as a member of the board nor informed of any board resolutions of BCP including key personal changes.
'Under such circumstances, as regards the acquisition of the remaining 70.1% shares of BCP, we believed that it is not yet an appropriate moment to come up with the final decision.
'For the best interest of the company, we believe that we have to suspend acquisition of the remaining 70.1% of BCP until a close communication channel is established between the management of the two companies, BCP and Grandtop.
'In the meantime, we are glad to be the single largest shareholder of BCP, and are satisfied with the performance of the football club in the Premier League so far.
'Because of the massive potential of the football club, Grandtop is willing to make any contributions for its healthy development in the future. Finally, we do not have any plans to dispose of any shares of BCP.'