Birmingham in takeover talks

Birmingham are at an advanced stage in discussions with a mystery Hong Kong party interested in a takeover of the Championship club.

Last Updated: 23/11/12 at 20:33 Post Comment

Birmingham City: Takeover talks at an advanced stage

Birmingham City: Takeover talks at an advanced stage

Bet £10 Get £30

Daily Offers And Promotions. Join Now & Bet £10 and Get a £30 Free Bet

The board of Birmingham International Holdings Limited (BIHL), City's parent company, told the Stock Exchange they are in talks with two parties from Hong Kong and one from the UK - believed to be Gianni Paladini's Italian-backed consortium.

The former QPR chairman was understood to be leading the chase, although Blues' acting chairman Peter Pannu last week poured cold water on claims from Paladini that their takeover deal could be agreed within 10 days.

A statement from BIHL read: "As previously announced on September 21 and October 9, the board has been approached by several prospective buyers who had shown interest in the purchase of BCFC, which is the company's sole operating assets.

"Given the fact that confidential non-disclosure agreements had been entered into with three of the parties who are still in pursuit, two in Kong Kong and one in the United Kingdom, it is inappropriate to divulge detailed information of the status of the negotiations.

"The board wishes to inform the shareholders that the criteria that the board shall adopt in this disposal would be to identify a new owner who could take BCFC to the next level both in terms of their financial standing, business acumen and overall suitability and the nature of their offer and the overall terms of the offer.

"A balance will be struck between what is the most beneficial for the shareholders and what is the most appropriate for the development of BCFC as the board acknowledges that football is a business where, inter alia, the aspirations of the fans need to be considered."

The statement added: "The negotiation with one of the parties in Hong Kong is at an advanced stage although no conditional binding agreement has been entered into between the parties.

"The transaction, if it proceeds, will constitute a very substantial disposal transaction by the company under the listing rules and will be subject to the approval of the shareholders in a general meeting.

"A detailed announcement will be made as and when appropriate."

A first offer from Paladini's consortium, believed to be around £25million, was rejected in September.

Meanwhile, current owner and Hong Kong businessman Carson Yeung, who is currently unable to leave the Far East, will still face court on November 28 over alleged money laundering after today seeing a bid to delay the case rejected.

Bet £10 Get £30

Daily Offers And Promotions. Join Now & Bet £10 and Get a £30 Free Bet

Related News

Most Commented

Readers' Comments

F

air play to the lad. I'd like to think I 'd have no fear of heading off to the other side of the world to coach, but in truth, I don't have the cajones. Hopefully he can make a decent living out of it.

mylsey
Brit Coaches Abroad: Jack Brazil

I

was reticent with this signing, bringing our outlay on left backs to £50m + a Nani loan (and still paying his wages). However, if he's better than Pele then who am I to complain...

mufc phil
He's Solved 'The Rojo Problem' Before...

O

K FIFA we're done, you can ban us now

jimmyjazz
Barcelona transfer ban upheld

Footer 365

Premier League: Willian targets more goals for Chelsea this season

Willian admits he needs to score more goals this season if he is earn a starting place in Chelsea's line-up.

Transfer news: Liverpool in talks to sign AC Milan striker Mario Balotelli

Liverpool have opened talks with AC Milan over a move for striker Mario Balotelli, Sky sources understand.

Premier League: Tim Sherwood in pole for Crystal Palace job after Malky Mackay ruled out

Tim Sherwood is the new favourite to manage Crystal Palace after a dramatic day ended Malky Mackay's chances.

Mail Box

So Long And Good Luck To Nani

A Mailbox that offers best wishes to a departing hero, defends Olivier Giroud, tells us to steady on over Calum Chambers and makes some amusing predictions...

Mailbox: Feeling Sorry For Poor TC23

If there's one loser in all the machinations at Man United, it's poor TC23. We have mercifully few mails on United, but lots on Arsenal and in particular Olivier Giroud...

© 2014 British Sky Broadcasting Ltd. All Rights Reserved A Sky Sports Digital Media property