Often Partisan

Joining Forces

Birmingham City bidders Soccer Management Worldwide have been in contact with two other British-based consortiums to try to build a stronger group to take control of the club.

The consortium which is headed by ex-Swindon chairman Jeremy Wray and ex-BCFC Deputy Managing Director Peter Day is backed by a North American investment group but has been looking for further British businessmen to join their fold.

One consortium is believed to be the “BCFC2014” group named by Mark Regan on his radio show back in April. There is a company formed this year with that name registered at Companies House. That company lists as its directors Richard Caplan and a company called Pavareco Management. Caplan runs a PPI claim firm based in Scotland along with some property firms while Pavareco Management is registered in Belize, a Central American tax haven. Posts on smallheathalliance.com identify former BCFC Non-Executive Director Paul Richardson also as a member of the consortium.

Less is known about the other group other than it is allegedly headed by a Birmingham-born Blues fan with connections in the City, and that it has been involved in looking at buying the club since Autumn 2012.

Jeremy Wray told the Birmingham Mail last week that his consortium had a three-week exclusivity period with BIH to complete their due diligence process prior to finalising a deal. However, no mention of “preferred bidder” staus nor “exclusivity period” has been made by BIH to the HKSE as would be required under the stock exchange rules.

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  • Oldbluenose

    Dan;, I presume, that if true, it is great news for us, ?. All British based and with a smattering of ex-Blues connected with all or most,
    Should we hold our breaths, and enjoy possible better times in the near future, ??.

    • OftenPartisan

      Or it could mean they haven’t got the money and are desperately scratching around for investment.

      Local does not equal better necessarily.

      • Oldbluenose

        You may well be correct Dan;, but how come BIH, allowed advanced talks without checking financial staus, ?.

      • mike b

        hi …dan..all…
        i was just going to post the same …i am a negative realist so i will point out some points about our bedfellows…
        gold and sullivan…great business men but dubious business..
        carson yeung…in prison…
        eze…time share…
        nicolites…fags…
        peter….ran up £3.2 mill. tax bill…
        caplan….ppi……..

        what next..??.

      • Chas

        Exactly what I am thinking. So it seems very unlikely that we will have the backing of an American Giant then :-(

        • http://batman-news.com Tony

          The longer this goes on the more admin appeals.

      • ian

        BIHL have been trying to raise cash for ages, you only have to look at the accounts to see what a mess it is.
        unlike some, who think running to st andrews to renew a cut price season ticket, which some see as showing the new owners fan loyalty and the potential,
        i see something which smacks of desperation on BIHL’s part .
        the board of BIHL are sitting at the poker table bluffing with a 3 high.
        the only permanent fix is the de-listing of BIHL, bankruptcy and the rebirth or BCFC.
        in my opinion we would be better off in administration.

        • AussieBlue

          Ian, I’m ashamed to admit it; I think so too. All this charade is doing is propping up a hopeless company on the HKSE, with registered offices in the Cayman Islands. But they own 96% of Blues, we can’t escape this fact. Admin is a chance for re-birth, growth and a new start. Seems to me right now, we have a patient on life support with all sorts of tubes sending stuff in and out; with no real prospect of recovery unless put back onto the wheel of life for renewal.

      • Mickey07

        Dan,who’s bid is this pannus or pavlakis?

      • http://batman-news.com Tony

        This just overcomplicates matters as if it were not so already.

      • Geoff S

        Daniel. I fear you may well be right re the investment (or lack of it).

    • Steve

      I don’t think any of the British consortiums have the money to make us successful.Give me a mega rich foreigner anytime.

      • Oldbluenose

        Steve mate;, Because we do not know exactly who is involved, [ or even, could be ], It is hard to make a judgement either way, ?.
        I got caught up in euphoria at this breaking news, and I normally keep a lid-on-it, !!.

  • therealdeal

    More the merrier if its means money to move us foward

  • parchy99

    I’m not sold.

    Is it a need to create a financial superpower or a realisation that inadequate financial backing is draped over the group.

    This lot have much to prove yet…….

  • BluBoi14

    Bad and good news.

    Bad – This consortium obviously doesn’t have the means to complete a buyout.

    Good – It should hopefully open the door for a serous takeover bid. Someone who won’t dance to BIHL’s 24% tunes.

    • OftenPartisan

      You do know the HKSE won’t allow a full takeover in one fell swoop don’t you?

      • Small Heath Blue

        Doesn’t matter how many times you say it, people don’t listen.

      • Flying Doctor

        Is that due to BIHL wanting to retain HKSE listing? If so, why would that be a concern to any potential buyer? If the money is running out at BIHL, then that puts the buyer in a strong position.

        • BluBoi14

          Thank you FD.

          You see it as I do. There’s a difference between what can be done to what BIHL want.

          As I understand, BCFC are not listed, so can therefore be sold 100% (-4% shares that BIHL don’t own). Poential buyers want BCFC not BIHL.

          • Jim Brierley

            For BIHL to remain listed,they must have an asset and BCFC are that asset,so until they get another business going,they want to retain control of BCFC.

          • BluBoi14

            Buyers don’t give a toss about BIHL’s wishes!

      • BluBoi14

        Please educate me.
        Are Birmingham City FC listed on the HKSE?

        • beegeeblueboy

          No

          • BluBoi14

            I think the OP (who i have full respect for) and Small Heath are being drawn in to what BIHL want to achieve. As I and Flying Doctor says below, BIHL are no concern to potential buyers.

          • AussieBlue

            BluBoi; I’m with you on the sentiment and ethics but Dan is right – it’s the HKSE that has imposed the rule ‘no complete sale in one hit’ because if BIHL did this; they would be a shell company with just cash, and not ‘carrying on a business.’ You can’t list on any stock exchange as such unless finance is your main game (eg a bank). Therefore, the HKSE has said “Get some money in, then go into your new ventures using it and then you can sell another slice of BCFC, until it’s all sold.”

            Personally, I think it’s cock-a-mammy and a recipe for disaster and tears but who are we to argue with the laws of another country? As John Wayne said: ‘What is, is and what ain’t….ain’t.’

          • Flying Doctor

            If BIHL gets delisted, then why would it concern any new buyers? If the money runs out at BIHL, will they be in a position to insist on tranches?

          • AussieBlue

            FD, as I understand it if BIHL were delisted, they would become a private company and can do what they like with their assets. So long as they are a listed public company on the HKSE, they are governed by HKSE rules and it is HKSE that has insisted in a ‘tranched’ sale, not exclusively BIHL.

          • Chris W

            Howd’y Aus.

            I see what you are saying, and it is what it is,
            a recipe for disaster.

            I may be a tad thick here or just can’t see the
            wood for the trees. BCFC=Birmingham City Football Club who, through BCFCPLC are
            linked to BIHL, that much I get.

            Why can’t BIHL sell all of BCFC but retain
            shares in BCFCPLC with no controlling rights or majority shareholding, keeping
            just enough to keep their status on HKSE.

            How much money do they need to diversify and why
            does it take two years?

            I can see what it ain’t I just have a problem
            seeing what it is….

            I ain’t good for BCFC and it ain’t all that good
            for BIHL.

            KRO+DNM

          • AussieBlue

            G’Day Chris – the way I see it is BCFC is a wholly owned subsidiary of BCFC plc and BIHL own 96-odd per cent of the plc, therefore you can’t separate the two and still fulfill the HKSE ‘part sale to diversify’ ruling. Without the football club, the plc is asset-less and this would still ring alarm bells to the corporate governance watchdogs in HK.
            The 2 years is a mystery to me..I asked Dan in a question here but haven’t seen his thoughts as to ‘why?’
            If they could make this a paper-shuffling accounting exercise – get say 8 mill in; immediately become an oil research company with the money, satisfy HKSE, sell another X% then another Y% it would all be so easy but there is something blocking that. As a result we have a riddle inside a mystery wrapped inside an enigma.
            I wish the consortium bid well but hold out slim hopes for their ultimate success. Someone is putting the interests and listing of BIHL above all else; and that indicates to me it’s someone powerful.

          • OftenPartisan

            Why 2 years?

            Cos it could feasibly take that long to buy something else. Simple as.

          • AussieBlue

            Ta mate. Talk about death by a thousand cuts! Who’s their sugar daddy?

          • Chris W

            Hi Aus, thanks for the insight, sorry took so long been across the border to Wales for a day.
            In theory it should be straightforward, BIHL state they want £X (32m) divide by 4 =8 paid in tranches over 4 years, simple.
            My concern is BIHL want to hold control, why? To me it smacks of something to hide and I honestly believe that once new owners move in they are going to find a whole new hornets nest that will prove to be somewhat critical if not terminal for BCFC. It is what BHIL are hiding, afterall, they have never been transparent sice day one.
            Like a car loan, the finance company hold the ownership until you pay the last installment though you are responsible for all the running costs etc, they can reclaim that car leaving you high and dry and even deeper in debt for any reason they deem fit, a friend who this happened missed a payment by 4 days.
            That doesn’t always happen and usually with the lesser companies when they fall into difficulties, and I see BIHL as a lesser company already in difficulty.
            KRO+DNM

          • AussieBlue

            Agree with all those concerns and the car analogy is good. Unless there is a financial instrument I am not aware of, minority shareholding = minority decision making. I know we are speculating here but because of the abject lack of transparency and communication to stakeholders, what else is left?

            Wales? Yes, border control and security can be a bit slow there; currency exchange too.

          • Chris W

            Wales not that bad now, I sneak in the back roads and leave under cover of darkness.
            The whole lack of communication is probably causing more problems.
            If BIHL came out and said a,b,c, have placed bids which are being considered and all parties are going through the “Due diligence” and “fit and proper” process over the next three weeks when we will convene and discuss matters further before making anymore updates… How simple is that, and would alleviate all this speculation and scaremongering, of which we are all somewhat responsible for.
            KRO+DNM

          • AussieBlue

            Again we are in violent agreement Chris. You know, I had a thought. What if, in their delusional state and lack of football knowledge, those in control of BCFC really believe we can gain promotion back to the Premiership with the emerging squad and management? Of course it would be nice to see for us true believers but their minds will be looking at the 140 million pounds benefit, plus the increased value of the club and BIHL shares – a massive upside. So, delay some more with the protracted part sale process backed by the HKSE, put lots of golden cats with waving arms around the place, call the Feng Shui man and light the incense – “we can’t lose.” Is that too ridiculous?

          • Chris W

            That is one heck of a scary thought. Fortunately I think Mr Administrator would hopefully ride up on his charger and exile all the mad men to some Hong Kong/Chinese equivalent to the Siberian salt mines.
            I’m just about to retire to the sweetdreams of nod and you throw that up, I’ll never turn my lights out again… :-)
            KRO+DNM

          • BluBoi14

            BIHL wishes are irrelevant if nobody is prepared to take just 24%.
            They face administration of their only asset BCFC which means they lose everything, or accept a 100% offer, forget their listing pipe-dreams and take a smaller loss.

          • tmsblues

            Technically you are correct but whilst bill have bidders prepared to go through the staged payment process your option doesn’t run unless someone has sufficiently large bid to be able to give the owners closer to what they foolishly paid! However I would agree that potentially bigger and much better bids and financially stronger bidders like the rumoured Qatari’s will be ignored in favour of the staged bids. Sadly it might also mean the staged bidders don’t have to be that wealthy. 6 or 7 million is all they need right now plus some evidence of further backing! Maybe already they are scrambling around for stage 2 funds so what budget will be for the team rebuilding. The recent signing gives ‘Grounds’ for concern methinks!

          • BluBoi14

            That’s the point I made in my original post. If Wray & co who don’t seem to have huge amounts of money fail to deliver it may be good news for us because it will force BIHL to sell 100% of BCFC irrespective of what they want to do. The price and terms are set by the buyers not the sellers

          • OftenPartisan

            It’s not what BIHL want though is it, it’s what the HKSE are forcing them to do to retain their listing. I don’t seem to be making this clear enough – it’s practically impossible for BIH to let go of BCFC in one go barring admin.

          • BluBoi14

            If BCFC goes into admin, they lose everything.

            What’s the consequences of being de-listed?

          • Luke Bowen

            It’s not an either/or situation. Not yet, anyway.

          • Flying Doctor

            Isn’t there a difference between saying “It’s practically impossible for BIH to let go of BCFC in one go if they want to retain their HKSE listing” and “It’s practically impossible for BIH to let go of BCFC in one go”?

          • BluBoi14

            Absolutely spot on!

          • http://batman-news.com Tony

            Blu boi is technically correct in his point hkse would not prevent a 100%sale it would just mean a delisting of BIH Why should the buyer concern himself with that.

          • BluBoi14

            Thanks Tony.

          • Geoff S

            I wonder if there are still potential suitors out there who are keeping a watching brief but are waiting to see if the administration thing becomes a reality.

            How long can BIHL realistically hang on before they are left with no choice?

          • BluBoi14

            Not long – because don’t they need to satisfy the football league that enough money is available to trade for the coming season?

        • Richard Granfield

          Birmingham International Holdings Ltd (BHIL) is listed on the HKSE.

          • Guest

            BCFC aren’t. Buyers are bidding for BCFC not BIHL.

          • BluBoi14

            So no restrictions to selling BCFC in full, other than it stuffs BIHL’s HKSE listing.
            BIHL”s problem, not bidders problem.

        • Pete

          Oh my God! Are people not able to understand the consistent advice about the ownership situation. BIHL do not have to sell in pieces but stand lose millions more if they do not. Therefore they will not do so. Therefore it IS an issue for buyers and all parties.

          • Flying Doctor

            What we have also been led to believe, is that money is running out at BIHL and on the surface, that would appear to be plausible. If that occurs and the club has not been sold, will BIHL, be in a position to define parameters for the clubs sale? The possiblilty exists that BIHL may be forced to sell on the buyers terms or face admin. then they become vulnerable. Can HKSE block a 100% takeover? As far as I can see, they would just delist the company.

          • BluBoi14

            Have you heard the famous tale about the price of a loaf of
            bread? If you’ve not, then sit down and I will begin.

            A boy goes into a shop and says “Mr Shopkeeper, how much is a loaf of bread”. To which the shopkeeper replies “Is it a feast or is it a famine? If it is a feast the price is 50pence; if it’s a famine the price is £200”.

            It’s famous because it relates to EVERYTHING for sale. And
            the point is the price is determined by the circumstances. This is fact!

            Okay, let’s relate to the sale of the BCFC loaf of bread: -

            “Hi Mr Yeung, how much is BCFC”. Mr Yeung replies £200 and you can only take 24% right now”. The boy replies “Mr Yeung, is it a feast or is it a famine? Because if it’s a famine and you have a queue of people willing to pay your demands, I will offer you the asking price and take just 24% for starters. BUT, if it’s a feast and you have nobody willing to pay £200 I want the full loaf right now and will pay you 50pence”.

            Right, I refer you back to my original post: -

            If Mr Wray & co who I guess are the only fools to
            consider BIHL demands, hence they are the preferred bidder, FAIL to deliver; it could be good news because it may force BIHL into a feast situation where they have
            to accept offers for 100% of BCFC otherwise the loaf of bread will be stale (administration) and worthless.

            The problem is BIHL’s unless they can get some fool to give
            in to their demands.

            Are The Flying Doctor and I the only ones who see this?

          • Luke Bowen

            The analogy is fun but is flawed for two reasons:
            1. In reality, there are increments between 50p and £200. If SMW can’t/won’t stump up the amount they’ve conditionally offered under BIH’s terms, then BIH will probably go to the next best offer.
            2. The baker wouldn’t, even for a feast, sell the bread for 50p if it meant he had to close the bakery. BIH’s HKSE listing is pretty much their raison d’etre right now, so I think they’ll go to some lengths to protect it.

            You could turn out to be right – Carson and his friends might have to, in the end, give up on the HKSE listing and sell in one go to be able to sell at all. But I think that would be the last resort and we’re some way from that yet.

          • BluBoi14

            1) 50p was just a figure. The point being they have to sell 100% if nobody is prepared to take 24% blah, blah.
            2) The baker WILL have to close the bakery if he doesn’t get any offers.

          • Luke Bowen

            Yeah, I understand all that.

            I hope for all our sakes it doesn’t come to that because, I imagine, BIH would be more prepared to carry on for another season or longer (by selling a few croissants perhaps) before giving up and closing the bakery.

  • http://www.HITFM.com rugbylover

    Someone with those business interests sounds to me like someone who would only be looking to come in, finance everything with debt, and take a quick profit……

  • Richard Granfield

    Small Heath Alliance are alleging that Jeremy Wray’s backers have pulled out, and his group is using the 3 weeks to find the money to do the deal!

  • matt b

    I’ve nearly had enough of this. Seen that we’ve signed some no-mark from Oldham, can’t even be bothered to click on the link and see who he is. Had my season ticket since 1989 and will renew as blues are part of me but I’ve never felt like this about the club. This needs sorting now as there isn’t many like me who will just renew out of loyalty. If and to me it looks like a big if when the new owners are in place the first job is to sack lee Clark as I don’t trust him to get freebies let alone pay cash for players. Although a likable bloke he talks like a fan, all passion, etc, which is great but his tactics make no sense and it was almost like he was picking the team out of a hat at the end. I don’t want a mega bucks owner, just someone who will run the club the right way. We’ve never been a consistent force in the top division and will probably never will be and that’s half the fun about being a bluenose, the highs and lows. Anyway rant over, kro

    • Small Heath Blue

      Some no mark from Oldham…. Great fan you are. As for you not trusting Clark signing players, perhaps you should actually look at his track record, and the money his signings made for Huddersfield before gobbing off. Then look at the centre half pairing he had on loan before they were recalled by their clubs. Yes he’s made some poor signings, what manager hasn’t. Yet he’s been scrabbling around in the bargain bin at poundland for the past two seasons and has still uncovered some gems. Just shows we have some ignorant fans. Anyway rant over KRO.

      • bluenoserob

        which gems?

        • Small Heath Blue

          Paul Caddis, Tom Adeyemi, Dan Burn, Kyle Bartley, Darren Randolph, Jordan Ibe, for starters

          • beegeeblueboy

            Competent yes; adequate yes; gems no.

          • http://batman-news.com Tony

            You call them gems? Randolph was a liability at times,Ibe was useless,Caddis was handy, I could turn a bus quicker than Burns could turn.Bartley was average at best.
            Only one who has a chance at this level was Adeyemi jury still out on him.

          • Small Heath Blue

            What signing did you expect Bigot? Messi?

          • Pete

            Tony- I do think some of that is tripe. Every player will have some weaknesses, but I think Jack Butland made some big errors the last season. In front of a shocking defence Randolph had about 3 games where he made errors. Caddis was not effective this season, true, but then again Chris Burke was shocking too, I would agree about Ibe, but Burns and Bartley were recalled by Prem clubs for a reason and our form went down after they left.
            Why the downer on all these players? I have some poor opinions about Clark- but I will not just state everything as a negative for the sake of slating him.

      • http://batman-news.com Tony

        You dont understand how Clark operates, he inquires what players a club have available he then asks if he can have them. How do you think he ended up with so many midfielders.

        • Small Heath Blue

          I forgot you have the inside track, Tony forgive me.

      • matt b

        How’s dare you question what sort of fan I am, just sharing how I’m feeling right now about the club,complete apathy. Small heath-. I don’t need to look at this players states as if he was half decent he wouldn’t be at blues. The gems you were on about just goes to show how far we have fallen. Burn was so limited a terrible footballer who couldn’t even head straight. I agree that clark didn’t have alot to play with but he made his job alot harder than it needed to be, hence I wouldn’t trust him with my daughters pocket money let alone any transfer budget. I don’t care about what he did at another club as we all know if we had board that cared he would have lost his job after Barnsley. I guess I’m just frustrated like most people but as I said I’ll renew through loyalty and blind faith but ill be in the minority.

        • Small Heath Blue

          How dare ? .Who are you the Queen. Go away in short sharp jerky movements precious!

          • matt b

            Ha- funny, im not precious mate your just standard Internet nerd, that if anyone has a difference of opinion you have to get personal. Clark is our worst manager since pendrie in my opinion. Now they that might differ to yours but I can live with that. My comment about Mr Oldham (still haven’t looked at his details) was not really a dig at clark but more of a big sigh as I really hope we get some new investors in so we can at least give ourselves a fighting chance as last season under the same constraints was a disgrace. Having followed blues all over the country year in year out, I’m just annoyed with it all.

          • Small Heath Blue

            If you’re not precious, precious, why get upset. I understand your no mark comment wasn’t a criticism of Clark, it was a criticism of a player, that has yet to kick a ball for our club. So before dissing him, how about giving him a chance precious!

          • matt b

            Not really SIN (standard Internet nerd). I hope he’s our best left back since Julian Dicks, but the chances are he won’t be. But that’s not the point SIN what I was getting at is if we repeat last seasons recruitment policy what do you think is going to happen? Really frustrated with what’s going on and like all of us would like it sorted SIN.

          • Small Heath Blue

            Apologies Matt, I never realised you were either 12 or special needs. As making up your own acronyms to upset someone appears to be the work of someone very immature, or in need of assistance. Never mind precious. Must try harder.

          • mark

            matt B get your st then you be able to give your assessment of a player who you deemed as crap, who has not even kicked a ball for us in anger…..see down the stans.. i look forward to your input when he has!

      • mark

        small heath blue, there lot of jokers out there who for some reason or not think they are extremely funny….. just chuckle mate

        • mark

          same excuses crap players, at the moment the barnsley result a winner…

        • Small Heath Blue

          I give up with some of our so called fans. Some no mark to describe a player yet to kick a ball…… real fan. Then he says he’s just about had enough. No real fan has ever had enough. How dare I say that! Muppet!

        • Steve

          You’re the one we usually laugh at.

          • mark

            thanks precious

      • Art

        Have to disagree -Clark must be one of the worst managers in the history of the club-examine his record over the last two seasons- it’s appalling.

        • Small Heath Blue

          We all know you’re one eyed opinion Art, you were the one when asked about replacing Clark could not come up with a viable alternative, yet your answer was sack him. Now if you read carefully, where did I say anything about his management ability, I said he could spot a player. All you anti Clark ‘fans’ need to learn to read.

          • Art

            assuming Clark has got this great gift and can spot a bargain why were we almost relegated?

          • Small Heath Blue

            Possibly because we haven’t got a pot to piss in. With the second lowest player wage bill, when you take out Zigic, what do we expect? Even with a settled side in January we may have finished higher, but the loanees that were just starting to gel, were recalled.

          • Agent McLeish

            Errrr, ’cause we can’t complete in the market to sign decent players, ’cause we have a bunch of clowns ‘running’ the club from HK, ’cause all of our better players have been sold, ’cause we can’t even keep the better loan players we managed to beg – need I go on?

          • Art

            And we have an incompetent manager-devoid of any tactical ability and man management skills.

          • Small Heath Blue

            And supporters that have been no where near the ground in about a century that will criticise and tell people not to spend their money, when they have no intention of doing that anyway.

          • Steve

            Isn’t spotting a player to do with his management ability ?

        • Steve

          Agree with everything you’ve said here Art

      • Steve

        As far as i,m concerned,loan players don,t come to Blues because they love Clark.They come to get 1st team experience.Which they get until somebody who hasn’t been around the starting 11 for months decides to show up in training.Clark is a disaster.

        • Small Heath Blue

          Now I know you’re deluded, they may not love him, but they wouldn’t come if they didn’t respect or like him.

  • chudlt

    The people looking at buying the Blues seem to have the same problem has BIH. NO Money!!!!

  • DoctorD

    Is this the Richard Caplain whose firm had a radio ad banned “for using scare tactics”?
    http://www.theguardian.com/media/2013/jan/09/payment-protection-insurance-ad-banned

  • weymouth bluenose

    wray couldn,t be in negotiation with another group unless the north American backers approved, unless they are no longer on board and wray is desperately scratching around for support, bit of a worrying development if true,

  • beegeeblueboy

    So our backers are now the owner of a PPI firm and the gentleman who ran a waste disposal facility in Hockley before selling it to a competitor and then moving into their premises near Bordesley station from hence it became multi-tenancy occupied. I did here a story though being a big Blues fan as he is that he put in a bridging loan to buy David Dunn. If I’m wrong on any of this I stand corrected as this is a few years ago.

  • Andy W

    No good news here as far as I am concerned. All this means is that everything is going to be elongated further, and there will be no hope of building a team to keep us in the Championship next season. Doesn’t even matter who they are, or how much they’ve got. Time is the major factor, and all this is wasting time.

  • The Francis Fake

    It is obvious from his track record at Swindon that Wray is only a frontman and whatever finance he brings to the table is not his own. It is becoming more and more evident that no one substantive seems to have any interest in buying Blues at this time. I think we are a sound bet due to the fact that debts are relatively low and we own our own ground, but, I feel that the dearth of a an wealthy individuals willing to fork out is down to the fact that no credibly financed buyer wants to buy on a phased basis. Moreover, the dubious history of the Yeung regime would worry anyone whilst holding a minority share during a phased buyout. I am however optimistic that some deal will get done over the coming weeks that will put us in a better shape than we have been for the last 2 years, but I’m afraid there is no sign of an Abramovic or a Tony Fernandez driving up Garrison Lane at the moment.

    • beegeeblueboy

      Just as well as he’d be showing lack of preparation in not knowing that the main entrance is in Coventry Road

  • Raymondo

    Does anyone know how many players with at least championship experience we now have left on the books since our loan players went back and some other players contracts ran out? Could we start the season with what we have left?

    • beegeeblueboy

      With reasonable experience three? Randolph, Caddis, Spector.

      • Pete

        Robinson, Adeyemi, Doyle, Reilly (50 games now), Hancox (50ish now too), Nokak.

        • beegeeblueboy

          More than one season is reasonable

        • beegeeblueboy

          The bulk of Robinson and Adeyimi games have been in the Prem

          • bluenoserob

            i think you will find Tom Adeyemi never played for norwich in the premier league , he only played in 11 games for them .

            hes s good player mind , i think the best non lonee that LC has made.

            i cant see that robbo has got many seasons left in him , but hes had a fine career.

        • beegeeblueboy

          Novak perhaps I’ll agree makes four

  • beegeeblueboy

    When push comes to shove no-ones going to accept a non-majority stake in a business that is crying out for investment to keep us in this division and with partners BIH who can be reasonably perceived as lacking in transparent and as a business have not covered themselves in glory.

    BIH are just going to have to accept a full buyout or just see their main asset diminish in value through lack of investment.

  • Chris W

    Pavareco
    Management Inc, Bcfc2014 Limited along
    with Richard Caplan and Christopher Farnell all appear to be the same company.
    Chris Farnell resigned from BCFC2014 in March when Pavareco Management Inc took
    them over.
    There isn’t a lot of confidence building data regarding any of the names banded at the moment.
    I suppose the good news is LC is still looking to rebuild, who has given the go-ahead or signed the cheque is anyones guess.
    LC has worked with him before so knows what he is getting and obviously we need some height and depth in defence so at last something positive to perk us up.
    KRO+DNM

  • Gary

    Didn’t Tom Ross say these people were in with the Australian consortium but the Australians pulled out. I really think the Chinese want to keep blues and they are just looking for people to just keep pumping money in to keep them going. Why is it other clubs seem to get sold without any problems yet blues can’t.

    • Luke Bowen

      Gary – it’s all related to BIH’s HKSE listing status. Even before the sale process started Dan explained that BIH would be looking to sell a quarter of their 96% stake in Blues initially. The plan is to then reinvest that money into another business, probably in the energy sector. Once BIH has another credible business in its portfolio, it’ll be free to sell the remaining BCFC stock whilst retaining its highly valuable HKSE listing.

      We don’t know why BIH chose Jeremy Wray’s group to proceed with. It might be they were the only group to agree to this staged purchase (although the BM suggested all parties were in agreement with that), it might be that they have the best financial credentials (god help the others) or might be that they made the best conditional offer.

      Whilst this process is frustrating and there are some worrying signs, it is progressing in the way we thought it would. I don’t think it’s likely that BIH will retain a long-term controlling interest in the club – the buyers (of the 24%) will want a watertight contract for the transfer of further stock as a condition of doing business.

      • tmsblues

        Good explanation of the key facts that some people continually fail to recognise. Any investment will be tied to an irrevocable right to control and all share over an agreed period.the main concern must be that the bidders appear to be already looking for further investment themselves. Mmm? Didn’t Cy have the same issues ?

      • Gary

        I still wouldn’t trust a thing these people do.

  • tony allen

    boycott season tickets till we get this sorted

    • mark

      i hope you do, then it cost you another £50 later

  • mark

    they probably need to be together so they can afford the 24%

    • Small Heath Blue

      Which is a worrying development, as once again we will be scrabbling around for freebies from lower divisions, and loanees in their teens.

  • StevieW

    Dan I find it strange that Wray is still trying to put his business case together whilst trying to do DD on BCFC. I would have thought this was others wanting to join the party and contacting SMW. As said by others more the merrier but it does seem a bit shoddy certainly not what I would consider normal bid process and I have been through a few in my time.

  • Raymondo

    If the purpose of joining forces with other British groups is to increase the spending power to enable the coalition to hire a good manager and to buy better players then it makes good sense. If there are genuine Blues fans involved in these groups I also thinks this bodes well too.

    • beegeeblueboy

      Being a Blues fan doesn’t automatically make you a good businessman. I suspect this consortium is going to made up with a group of people who are not wealthy and are small-minded in football terms and will initiate non-football cost savings to aid funding the team. This will take the club backwards in the long-term but they won’t see it that way because they are thinking of short term risk aversion. I can redundancies at Stans

      • Geoff S

        Beegee’s point sounds pretty well argued.

    • Geoff S

      I’d like to agree, Raymondo.

      However, if Wray’s consortium is looking to join forces with others, it does suggest they ain’t got the money in the first place and that sounds all too familiar.

  • Luke Bowen

    Dan – just thinking out loud. Whilst we’re all presuming that the thing that could scupper things is SMW backing out of the deal following the period of due diligence, isn’t there a large risk facing BIH here too?

    Let’s assume that BIH do want to dispose of BCFC in its entirety (or at least the majority of it). And we know that they need to do the staged process for the HKSE listing. So, they do a deal with a group (let’s say Group X) to sell 24% and they sign contracts with Group X to transfer the other stock in, say, 12 months.

    Then, in 12 months, Group X admits that it doesn’t have sufficient funds to complete the remaining transfer. BIH would then need to find a Group Z and, with Group X still in the background, the stock would be worth even less (especially if BCFC is in League One at that point). For that reason, BIH will probably want proof now that Group X has funding in place not only for this year’s transaction, but for next year’s as well.

    If we rewind to now – Group X are probably talking to potential creditors about this deal – the amount they need now and the (considerably higher) sum they’ll need 12 months down the line. From a creditor’s point of view, the question I would be asking is, “What will BCFC’s status be in 12 months? What division will they be in, what will the value of the squad be, how many season ticket holders will there be, etc?” I can imagine that for Group X, this is a very difficult issue.

    • beegeeblueboy

      Spot on Luke. I have to I don’t see how this 24% deal would be attractive to any businessman who wants management control too together with estopping BIH vetoing anything he does by being outvoted.

      Unless a super rich guy comes in and is prepared to take a big gamble BIH are just going to have to expect they are going to have to sell their complete shareholding or risk BIH going bust anyway

      • Luke Bowen

        I would imagine that the deal would include a number of parameters to address those issues, to protect the buyer.

        Such as:
        1. The value of the future transaction is fixed.
        2. BIH relinquish management decisions to Group X.

        This would all depend upon Group X being able to prove that funds are in place for the future transaction, though, which was my point.

        • beegeeblueboy

          But if HKSE deem this as BIH ‘losing control’ their listing could be cancelled

          • Luke Bowen

            It’s an interesting point, but I wouldn’t imagine that’s not what is meant by ‘control’.

            Like anyone else here (with the exception of our erstwhile host, of course) I’m only guessing, but companies listed on any stock exchange will include any number of holding companies and investment funds that have little involvement in the management decisions of the businesses they own.

            I think we’re talking about them needing to retain a controlling share, rather than day-to-day management decisions.

          • AussieBlue

            That’s the kicker that makes this such a crock of the brown stuff beegee. Technically, as soon as the 24% becomes 30% the bid partner must declare a takeover intent for the whole club (correct me if I’m wrong, Dan or someone) – so the control would be lost anyway…..eventually.

          • OftenPartisan

            You’re wrong – 30% refers to a publicly listed company, BCFC and BC PLC are not publicly listed companies.

    • OftenPartisan

      Very good points – and it’s why BIH are conducting serious due diligence themselves

      • Luke Bowen

        From a creditor’s standpoint, it’s a minefield and I’m guessing the cost of finance for JW and his friends is going to be enormous.

      • Hunter

        Dan, you mentioned the other day that according to your sources that this SMW consortium contrary to what J Waray told the press, had no exclusive deal or preferred bidder status. Although based on past experience we would have expected Pannu to issue a strong denial nothing has come out of HK. Do you know whether BIHL are still negotiating with the other bidders? It must be of some concern to see that SMW seem to be looking for additional finance. I can see this dragging on well into the new season!!

  • robbo1875

    If I’m not mistaken if any bidder was to want more than 29% then under stockmarket rules a full takeover is required and bih aren’t going to lose there listing so thats why they want to do it in small pieces I hope I got that right hey ho what do I know

    • beegeeblueboy

      When they hit the 29.9% ie by acquiring another 24% BIH have to hope that their shareholders reject the takeover otherwise they’ll lose the company and therefore their lusibg

  • KROSOTV

    Wasnt Grandtop already listed on HKSE b4 they bought blues,if so what did they have then that enabled them to be listed as it seems from memory that blues has always accounted for virtually ALL of their turnover

  • williammorgan

    The way the bidders are. being too open I feel BIH might drop off the radar of the hkse again and have the club bought privately ,as I can’t see new buyers wanting to stay on the HKSE with the complex nature of the exchange

    • OftenPartisan

      The listing is worth £30million. Would you give away £30million?

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