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Alarm bells sounding for Everton

Everton
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Rewind to Boxing Day 1963

Barclays Premier League
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By ESPN Staff

Blues reject bid to put Macca & Fan on board

Birmingham have confirmed today that shareholders have rejected Carson Yeung's proposal to co-opt Steve McManaman and Fan Zhiyi onto the board of directors.

The proposal was heard at an extraordinary general meeting of the club held at St Andrews yesterday afternoon.

Hong Kong businessman Yeung, who holds a 29.9% stake in the club, wanted to elect former players McManaman and Fan to act as his UK representatives via his company Grandtop International Holdings.

But managing director Karren Brady recommended to shareholders they reject the bid by Yeung, who had angered chairman David Gold and co-owner David Sullivan by failing to complete his takeover after buying an initial 29.9% stake.

In reality, the proposal was already doomed to failure as Sullivan and Gold have increased their shareholding in Birmingham to nearly 50%.

A statement released to the stock exchange this lunchtime said: 'Birmingham City PLC announces that, at the Annual General Meeting held on 20 February 2008, all the resolutions proposed were duly passed.

'At the subsequent Extraordinary General Meeting to elect two directors proposed by GrandTop International Holdings Limited, the resolutions were not passed.'

Meanwhile Birmingham are renewing their attempt to build a new stadium, which could be completed by 2014 if all goes to plan.

Blues, who are working in conjunction with Birmingham City Council, have appointed a master planner to assess the potential site at Saltley, which is near their current headquarters at St Andrews.

The Midlands club would be prepared to spend £20million towards the cost of the new stadium but would look for other financial aid to help fund the project.

Birmingham had previously looked set to build a new stadium in the same area in partnership with US casino company Las Vegas Sands, but the council rejected the idea and opted for a rival project based at the National Exhibition Centre.

Brady said: 'Talks continue with the city council regarding a new stadium.

'We are in the process of appointing a master planner and someone to look at the land to see if a stadium can become a reality.

'But we have to have auxiliaries in place as we do not want to bankrupt this club by building a stadium.'