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

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.

Related News

Most Commented

Readers' Comments

I

t's wrong to be making a joke out of Bender's name at the expense of gay people. It's the kind of childish, uncivilised thing that Football365 would deride and ridicule if it was another media outlet saying. Why is there a need for jokes like this? Does it make your writers feel like men? F365 might suggest that I 'lighten up', but it is genuinely traumatic for people who have been oppressed all their lives to be the butt of jokes, and to be told...

anamsport
The Beeriod Gossip

Y

ou can't blame De Gea for wanting to leave, he has enough to do in front of goal as it is as well as taking on the role of Man Utd's version of Derek Acorah in trying to contact and organise a defence that isn't there.

rodger's gusset
Van Gaal downbeat on De Gea

I

f you want to take six points off Arsenal, then that's a great strike force. Can't imagine either of them showing much for the rest of the season though...

foot in mouth
Adebayor & Berbatov: You Have To Admire The Balls

Footer 365

Arsenal 1 Chelsea 0: Gunners win Community Shield

Alex Oxlade-Chamberlain scored as Arsenal won the Community Shield with a 1-0 victory over Chelsea, with Arsene Wenger finally beating Jose Mourinho.

Angel Di Maria poised for medical ahead of move to PSG

Angel Di Maria is set to undergo a medical with Paris Saint-Germain ahead of a proposed £44m move from Manchester United.

Mourinho plans to manage into his 70s

Chelsea boss Jose Mourinho believes he is a better manager than he was 10 years ago - and he wants to continue until he's in his 70s.

Mail Box

Neville Has It Wrong On Chelsea...

One Mailboxer says that the Neviller has it slightly wrong on Chelsea. Plus thoughts on sexy Saints, pre-season reviews, Connor Wickham and televised analysis...

De Gea Disrespectful? Remember RVP...

We got dozens of mails from people pointing and laughing at Brian D for suggesting David de Gea has acted disrespectfully; we printed some. And there's more...

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company