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Alarm bells sounding for Everton

Everton
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By ESPN Staff

Birmingham appeal against Seymour Pierce judgment

Birmingham's owners will appeal a judgment against them which ruled they owed investment bank Seymour Pierce £2.5 million and threatened their future ownership of the club.

Earlier this year the High Court ruled in Seymour Pierce's favour when it claimed to be owed for consultancy services during Carson Yeung's takeover of the club through Birmingham International Holdings Ltd (formerly Grandtop International Holdings Ltd).

When the payment was not made in April, Seymour Pierce obtained a charge over the shares in the club and threatened to take control and sell shares to recoup the money owed. However, a statement from the club today revealed they will appeal the ruling.

"Birmingham City FC can today (Monday) confirm that Birmingham International Holdings Ltd (formerly Grandtop International Holdings Ltd) have been granted leave by the court of appeal to defend the Seymour Pierce legal case,'' said the statement.

"Back in April 2010 Seymour Pierce put a charge over Blues shares and threatened to take control of the club due to a dispute over consultancy fees for their services during the club's takeover. This ended in Birmingham International Holdings having to pay a £2.5 million bill to Seymour Pierce.

"But, after receiving supporting grounds of appeal the judge has given the Ccub's owners leave to appeal against the judgment on the basis that there is 'a real prospect of success'. A date for the appeal will be confirmed in due course. The club cannot make any further comment on this situation.''

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