Pannu cools takeover talk

Birmingham acting chairman Peter Pannu has cooled speculation over a potential takeover of the Midlands club.

Last Updated: 02/10/13 at 17:21 Post Comment

Peter Pannu: Has cooled speculation over a potential takeover

Peter Pannu: Has cooled speculation over a potential takeover

Rumours have been rife for weeks that City are attracting interest from potential suitors and that only intensified when Hong Kong-based Pannu flew back to England on Tuesday, attending the club's 4-0 victory over Millwall at St Andrew's.

But Pannu insists his return has not coincided with any plans to meet interested parties.

"The recent rumour about a takeover is not correct," Pannu told the club's official website.

"Due diligence was completed by a party some time ago and a timeframe for an offer was set, but we heard no more.

"As the offer did not materialise within that period, there is no imminent deal as is being suggested.

"I don't have an appointment to meet anybody during my time here in the UK and, due to non-disclosure agreements, I don't wish to discuss this any further.

"The key point to make regarding the ownership of the football club is that Carson Yeung (president) does not wish Birmingham International Holdings Limited (BIHL, parent company) to lose its listing status in Hong Kong and a full disposal of the club would hinder those plans.

"Plans for the resumption of trading of BIHL's shares are well underway in Hong Kong and when those plans are successful then the intention is that significant capital will be raised for the football club's general operations.

"Therefore the priority at the moment is the resumption of trading. A full disposal of the club would hinder those plans as the listing status would be lost and that would go against Carson Yeung's wishes or the wishes of the shareholders."

Owner and Hong Kong businessman Yeung, who remains unable to leave the Far East, continues to battle a lengthy court case over alleged money laundering.

Asked whether Yeung has plans to sell Birmingham once the resumption of trading in the Sky Bet Championship club has been completed, Pannu replied: "Carson Yeung is personally in preliminary discussions with some buyers from Asia.

"So yes, I believe it may be his (and the shareholders') ultimate intention, however, as outlined above, he is working to his own strategy on how to achieve this."

Related News

Most Commented

Readers' Comments

N

ice work John.. have to agree with everything. Never measure your wealth in money.

wexford_blue
We're Not All Jealous Guys...

I

s it the same people that complain about Chelsea that complain about Mayweather? You should by now know what to expect from both, if you can't appreciate how good they are at nullifying their opponents then don't watch them.

Noz2k
Chelsea: This Ending Always Justifies The Means

I

do concede though, that getting rid of Luiz has made them less entertaining. In the same way that driving with both eyes open is less exciting, but probably a good idea.

megabrow (cufc)
Chelsea: This Ending Always Justifies The Means

Footer 365

Kenny Miller said Rangers have to improve on form against Queen of the South

Kenny Miller said Rangers have to “get to grips” with play-off opponents Queen of the South if they are to progress.

Juan Mata worried Liverpool could catch Manchester United

Juan Mata admits Manchester United risk being caught by Liverpool if they cannot end their poor run of form.

Juventus v Real Madrid preview: Andrea Pirlo full of respect for Real

Andrea Pirlo has described Champions League semi-final opponents Real Madrid as the "most important club" in the world.

Mail Box

Blaming Van Gaal For United Slump...

Wayne Rooney in midfield, the same balls aimed at Marouane Fellaini...Louis van Gaal has to find a solution. And a Burnley fan embraces relegation...

Shouldn't We Give Players Time?

Do we really want to throw out the baby with the bathwater every single summer? We also have a Man United fan who wants massive investment. And more...

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