Birmingham City Transfer Embargo Rumour   Leave a comment


Birmingham City are rumoured to be close  to having a transfer embargo placed on them by the football league for breaking financial rules .

Birmingham City’s owner Carson Yeung  was charged with Money-laundering in 2011, which he denies and is awaiting trial .The freezing of Carson Yeung’s assets has not helped the clubs financial plight.

But the club’s parent company Birmingham International Holdings Ltd did not meet the football leagues’ deadline of yesterday for submitting accounts for last season and now look certain to face an embargo, especially in the wake of Portsmouth’s dire financial situation, which is making the football authorities tighten up on all clubs to try and stem the tide of clubs hitting the lows that have fallen on Portsmouth in recent years .

This shouldn’t be too much of a problem for Birmingham City at the moment, as the transfer market is closed  for English league clubs and they have just signed 5 players just before this embargo kicks in .  If things are not cleared up come May 31st, when the interim results of BIHL are due to be released  , it could be a long hard summer for Birmingham City supporters, even if they do have Premier League football to look forward to, that is if the Premier League give them a licence .

The Football League | About Us | Regulations | Regulations Detail | Section 4 – Clubs  regulation 16.2  -16.7

It has been confirmed by Birmingham City that this is in fact True and the club have now released a statement.

Birmingham City Football Club Statement

Birmingham City Football Club can confirm that it has been made subject to a transfer embargo by the Football League. This is due to not hitting a 1 March 2012 deadline for submission of the company’s June 2011 financial statements to the League.

Blues LogoAs has been widely reported, Birmingham International Holdings Limited is expected to publish the financial statements by the end of April 2012.

The delay in filing the financial statements is occasioned due to the delayed audit processes, with both the club and the group holding company having to handle a series of audit issues, together with the financial issues thrown at the club due to the arrest and freezing of the assets of the club’s main benefactor and changes to banking arrangements.

The draft financial statements are prepared and it is understood that these will be finalised and published by the end of April (as previously announced through the Hong Kong Stock Exchange).

This short period of delay in submission, and the resulting transfer embargo, does not affect the business of the football club at this present time. Having captured the signatures of several more players in the last couple of weeks, the club is satisfied with the strength and size of the playing squad, which has been sufficiently reinforced to assist with our end of season push.

http://www.bcfc.com/page/News/NewsDetail/0,,10412~2630626,00.html

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