Blues’ parent company now has two years’ worth of accounts unpublished #bcfc   Leave a comment


See on Scoop.itbirminghamcityforum.co.uk

BLUES’ troubled parent company now has two years’ worth of accounts unpublished.

Birmingham International Holdings Ltd yesterday announced that publication of its annual results for the year ending June 30, 2012, would be delayed until October 31.

The revelation, made to the Hong Kong Stock Exchange, was little surprise as the previous year’s accounts – for the 12 months to June 2011 – remain outstanding.

Influential Blues blogger Daniel Ivery, who runs the Often Partisan website, said he did not believe BIHL’s accounts would ever see the light of day.

He wrote: “It doesn’t massively affect BCFC as the club have managed to convince the Football League that the ongoing catastrophe that is the holding company has no effect on the club’s day-to-day operation at the moment. I remain of the opinion that the accounts will come out on the fifth of never and that, once the club is sold, the parent company will be quietly wound up.”

The announcement was made by BIHL chief executive Peter Pannu, who was put in charge of the company earlier this month after it was rapped for breaching Hong Kong Stock Exchange rules.

Fans said the latest news would do nothing to encourage any potential buyers of Blues to pay anything like the £40 million embattled owner Carson Yeung reportedly wants for the club.

One said: “Announcing poor financial results we all expect will definitely drive the price down, which is not what Yeung wants.

“We all know they paid too much and they will never get their money back or the £40 million they are reported to want.

“They should get out now while there is still some value as, under their control, it’s only going to get worse.

“For the good of Birmingham City we deserve at least that.”

Solihull-based former Queens Park Rangers chairman Gianni Paladini expressed his interest in buying Blues earlier this month.

But the club responded by insisting no discussions were taking place with any group associated with Paladini. #bcfc

See on www.birminghammail.net

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Posted September 29, 2012 by Birmingham City Fans Forum in Birmingham City News

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