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

A

rturo Vidal, James Rodriguez, Angel Di Maria...........who cares we have Mark Oxley.......Ah tis good to be Hibs fan :)

frakessmee
Hull keeper agrees Hibs loan

I

t's just a ride. Bill Hicks is sorely missed, what a prophet and still relevant twenty years after his death. I'm glad though he didn't get to see George Bush Jnr as President.

thesza888
Wilshere: Is He Smoking Enough?

W

hile not comparing the ability of Wilshire to Dr Socrates of Brazil, didn't he do about forty a day?

nedsmar
Wilshere sorry for smoking

Footer 365

Transfer news: Simon Mignolet backs Liverpool target Divock Origi and welcomes Pepe Reina return

Liverpool are closing in on Divock Origi and the Belgium youngster has been tipped to shine in the Premier League.

Arsenal midfielder Abou Diaby convinced he can put injury problems behind him for good

Arsenal midfielder Abou Diaby is convinced his latest comeback from long-term injury will not prove another false dawn.

Premier League: Luke Shaw not fit enough says Manchester United boss Louis Van Gaal

Manchester United boss Louis Van Gaal has ordered Luke Shaw to train alone because he is not fit enough.

Mail Box

No Wonder Wenger Doesn't Buy British

That's if reports that Calum Chambers cost Arsenal £16m are to be believed. The English premium shows no signs of disappearing. Plus, worrying about poor Southampton...

Reasons To Believe That Van Gaal Will Be The Best

Some supporters sound oh so confident on Louis Van Gaal's excellence. Plus thoughts on shirt sales, best signings, football sevens and a good deal more besides...

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