Often Partisan

The More Things Change…

The weird thing with moving away from Birmingham is how easy it is to disconnect with what is going on at St Andrews. You may have noticed that in the last couple of days that there has been no updates on site and I’ve been quiet on social media and in the comments. Admittedly, a lot has to do with the changes in my worklife but I’ve also noticed how easy it is not to care so much about football when you’re not immersed in it.

The more things change though, the more they stay the same. Blues players are still talking about how they’re not worried about a hangover from last year; Clark is talking about competing at the right end of the table and the takeover still hasn’t got an inch nearer happening. The players and the manager have to be bullish – to try to inspire confidence in the fans but one would hope that BIH would inspire confidence in itself to its shareholders by announcing what was happening.

What worries me deeply are the noises from HK saying that the takeover of BCFC is dead in the water; that the HKSE have blocked the move to sell the club on an installment plan with a management contract and that BIH is now fishing around for other avenues to remove the millstone from its neck. One of those avenues is getting someone to take over BIH itself.

I’ve seen written communication from within BIH that they (and Carson) are willing to just that – for a price. That price is in the region of HK$800m (£60m) for the lot or HK$700m (£52m) for a 80-90% stake in the holding company. I can already see what people are saying – that there is no way the holding company is worth that much because it’s only asset is the club but I believe that the price they want reflects a) the intrinsic value of a main board listing with the current market capitalisation value of BIH standing at HK$646.76m.

That sale wouldn’t be without its issues; while there are a certain amount of shares in circulation there are a larger amount which are awaiting conversion by Carson and Yang Yuezhou (following issuance of the conversion bond and debt conversion bond at the EGM earlier this year) and anyone buying BIH would need to have those conversion shares also taken into account.

I can’t see anyone going for it as it stands – what I think is more likely now is that we will not see any movement on a takeover until something substantially changes within BIH – departures at board level for instance – which convince the HKSE to allow them to sell the club. There is much speculation in Hong Kong as to what could happen but until there is some sort of solid confirmation I think it’s wise to wait and see.

For the team – like me there is much change this season. My life has certainly improved for the better and I hope that the raft of new signings mean Blues will improve too – at least on the pitch.

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74 Responses to “The More Things Change…”

  • bluearmyfaction says:

    How long before HKSE start making moves to remove the listing? They’ve got enough evidence about late filing of accounts, concerns over the board and so on.

  • Agent McLeish says:

    BIHL will keep dithering until an even such as admin or HKSE forces a change. BIHL are incapable of basic business processes such as filing accounts on time. I also think that there is more to this ‘sale’ than meets the eye and beleive that BIHL have many skeletons on the cupboard.

  • dave mann says:

    if we don’t improve from last season then league one awaits us and the fact that a takeover or new owners now seems even further away than first thought, off pitch problems are now imo not worth talking about so lets talk about on pitch activities because that’s where we have to do the business and make the fans at least proud of the players if not the rabble that are attempting to destroy the club. KRO & DNM.

  • woodsman says:

    The life is being squeezed slowly but surely from our club by the chancers at BIH. Rue the day that we became involved with Yeung, Pannu etc. Who in their right mind would want to invest in this twisted web that is so complex to unpick. Admin seems the best option unfortunately.

  • Staffs Blue says:

    It makes you wonder what Jeremy Wray was thinking when he made his announcement…. to then just leave it all these weeks without a word. Was he just playing Billy Big Balls like Paladini did?

    • Agent McLeish says:

      Yes, all very strange. And which sane person would invest in a company majority owned by BIHL unless there was more to it?

  • DiscoPete says:

    I understand how you feel moving away. I left brum 20 years ago and as I get older it’s getting harder to keep the habit especially when things aren’t going well. But I’ve renewed my ticket for the 20th time because I’m a blues fan and my glass is always half full.
    The Carson regime rumbles on and who could have guessed what was to happen when we welcomed him to Stand. Your book should be a good read!

  • Chris W says:

    As I have said, it is what lies behind the doors of BIHL that they are not telling that will bring the death knell to BCFC.
    As much as it will hurt the club the only way to rid them is for Administration of either BCFC or BIHL themselves, unfortunately this seems a long way off as BIHL are functioning.
    Where are they getting their money from, especially if reports are true that they are actually investing in the club?
    We cannot alter the Hong Kong situation, but seeing that LC has been able to rebuild yet another team we can support him and the players to hopefully moderate success if not more.
    KRO+DNM

    • Staffs Blue says:

      Could this new investment be down to the prospective bidders? Could they have insisted on certain conditions being met before they agreed to buy? I don’t suppose we’ll ever know the truth…. why should BIHL break the habit of a lifetime now?

      • Chris W says:

        As you say, we will never know. I am more in thinking that some of CY’s “friends” are involved in the same way he has kept his house.
        I very much doubt that BIHL can hang on for CY’s prison term to end, unless there is something going on re his appeal.
        Not a lot we can do about it, just suffer in silence as we have been doing.
        KRO+DNM

        • mark says:

          Carson will probably only do couple years. not sure whether good behavior apply s??

          • Chris W says:

            Without going through all that was reported I got the impression that there is no early release or parole, he is struggling to get his appeal heard at the moment.
            KRO+DNM

  • ian says:

    to be honest, i am more cynical, deadly doug across the road always used to announce transfer targets just before the season tickets went on sale,
    and they would always fall through
    to my way of thinking, its like BIHL are listing a £500 car on ebay, but they have put a £1000 reserve on it, and still want to retain the log book after the sale has gone through, but the new “owners” can fill the tank, get it resprayed,and are welcome to turn it back into a £1000 motor as long as BIHL still own 75%

    i remember years ago when i was a kid, i couldn’t afford to go to every game, but me and my mates walked to St Andrews, you could watch the last 10 or 20 minutes for free when they opened the gates,
    i’d say that would make a far bigger statement than a few banners, as the only thing BIHL care about is money, and i have a gut feeling they are running out fast

    • Chris W says:

      If reports are to be believed they have enough money and are in fact investing in the club. As for you proposal it will never happen, anymore than a complete boycott or supporters not buying season tickets. Until someone can produce something that will financially hurt BIHL they will happily roll along.
      The sponsors have put money in and they will get the advertising fees plus any tv deals.
      I’m afraid we will be lumbered with BIHL for the foreseeable future, unless something drastic happens.
      KRO+DNM

  • Richard Granfield says:

    The current market capitalisation you say is 646.76HKD, which means BIHL’s net worth is £48.5m.
    What “Shares awaiting conversion” means is a little more complicated to understand!

    • Agent McLeish says:

      And you are only worth what someone is willing to pay, irrespective of market capitalization.

  • williammorgan says:

    So what the HKSE wants is this board gone by the sound of it ,or perhaps its the courts ,…we know that we want them gone,…but once again why wasn’t it made clear by the stock exchange of what BIH can and can’t do or was this BIH trying to swim against the tide again ,…more time wasted,…..perhaps lottery money can be made available in cases like this as a loan to fans to buy half the shares in a club ..so that fans could have more say in the running of their club ..or by the council so fans can pay the loan back by paying shares as an addition to their council tax ..if,who,when,,they want…kro

  • ian says:

    surely shares awaiting conversion, should fall under the banner gains made through criminal activity ?
    surely the hong kong courts should have the ability to confiscate profits from criminal activity,
    or are they going to allow mr yeung to convert this loan he made to bcfc, turned it into BIHL shares, and keep that cash for when he is released ?
    is that loan, clean or dirty money ?
    if you looked up money laundering in a dictionary i’m pretty sure it would read pretty much as above,
    perhaps the courts have to wait for the appeal process,

    and another point, about shares, shareholders expect some form of dividend, otherwise you might as well stick your money in a bank,
    whilst BHIL might be floating at the moment, i doubt any shareholder has seen a dividend for quite a while,
    i’m struggling to think who would think buying or trading in BHIL shares is a good idea,

  • teej says:

    How many season tickets have been sold in anticipation of new owners?

  • williammorgan says:

    Lee Clark had better buy that tenth player then ,for anybody to pay £48.5 million they are going to want a good team at the club …LC can forget the mid /table finish ..circumstance dictates we have a good season ..and circumstances say we need a exciting team to attract that interest….some managers don’t like to peak to early For fear of getting the sack if they can’t keep that early success going..forget all that crap .these players have more stamina and more pace than red rum and more bottle than Sam fox. Come on ,let’s take this league on by storm .dont look back we have nothing to lose and we ain’t stopping as we are going places .as we are Bluenoses and we have a dream.Keep right on ,aand hey NO MERCY

  • Mark Galloway says:

    Cloud cuckooland folks, this team is “built” with League 1 in mind and that’s where we are headed unless there are three teams worse than us.

    The fact that we have signed a new team is no reason for optimism in itself unless the quality is obvious…..but it’s not!

    KRO

    • Staffs Blue says:

      With respect, it’s a good job the management and players don’t have that kind of defeatest attitude… or we’d all be fecked!

      • Mark Galloway says:

        What do you expect me to say if that’s the way I see it? The team is weaker than last season and we avoided relegation on goal difference alone with just a few minutes to spare.

        I’ll be there supporting them but my view is that we are looking at a very difficult season indeed!

        KRO

        • Staffs Blue says:

          You’ve not seen the new players play together, so how can you say we’re weaker? The consensus amongst the squad, is that we’re stronger than last season…. and I have no reason to doubt the people in the know.

          I’m not saying it won’t be a difficult season (as it will be for about 16 clubs) but I’m confident we’ll have a better season than last. I’m certainly not going to make myself miserable expecting the worst before a ball is even kicked in anger.

        • Chris W says:

          Last season we had a group of players of which several were a financial drain on the club and didn’t play to their potential.
          How do you know that collectively this group is weaker?
          They are younger, hungrier and want to play for the club, more importantly they will want to prove they can move up to the Championship.
          It is not going to be easy but I reckon it is going to be exciting.
          KRO+DNM

    • mark says:

      bet you will go undercover as a chair lol

    • Art says:

      I’m very happy to go along with all of the positive spin dished out by the fanatics( they’re all getting excited having beaten a Mickey Mouse team in Ireland)but realistically I expect yet another season of disappointment.This will continue until we get new owners and a new manager.

      As for the takeover-the fact that Clark is still in charge and bringing in his own players indicates that nothing is likely to happen soon.

      It’s just a complete shambles as usual.

      • Chris W says:

        I’m not a fanatical and I’m not dishing out spin. I am a Birmingham City supporter of 50+ years and a realist.
        I get excited at the start of any season and expect to win the league, however I also realise the constraints LC has to work under. He may not be the best manager but he is OUR manager and as such will get my support as do the players, this gives me the right to moan, groan, shout and cheer.
        As I said I expect to win the league, realistically I think we are in for a long hard season and will do well to settle around mid table. However, if the players gel and prove the sceptics wrong then who knows how the season will pan out.
        Who would have put money on Burnley winning promotion with their small squad.
        Have faith in LC and get behind the team.
        As they say give a man enough rope he will hang himself, this is LC’s chance to prove us all wrong or he will swing.
        KRO+DNM

  • mark says:

    come on Daniel you really didn’t think Clark would be leading our bcfc team out,,,,,
    As for bullish Clark generally love the club, he has work extremely hard to get these present players in regardless of status, he continually sold the club to the players.
    You were ready to write a new chapter but the rug got pulled from under feet, then clark pop and waved at you…..surely like me and rest of us you are looking forward to a wonderful season……kro

  • Chris W says:

    Not sure what planet you are on Mark Galloway, but in case you hadn’t noticed we are not exactly rolling in money, we cannot afford mega wages and so we, or rather Lee Clark has to cut his cloth accordingly.
    The group have been together for just two weeks, played one friendly and won 3-0. All we as supporters ask, is for a group of players who are prepared to give 100% for the cause, to which we will sing and cheer.
    Stop being a Kill joy before a ball has been kicked in anger or better still go support the team across the expressway. Lee Clark and the eleven players who don the royal blue need our support if we are going to compete in a very tough championship.
    KRO+DNM

    • mark says:

      i bet he dont share his last rolo miserable sod

    • mark says:

      maybe he should come back after 10 games, and give us his opinion then, agree chris some of the friendlies will give us a slight bench mark, but the championship can be unforgiving this league is getting tougher and tougher….each year..

      • Chris W says:

        I have said that we should begin to judge after 10/12 games, if we are struggling or LC is swapping and changing unnecessarily then the board should be looking towards a change.
        There are at least 18 teams in the Championship with Premier experience, some still have the benefits of parachute payments and unlike blues, will use it to strengthen their teams.
        KRO+DNM

    • Mark Galloway says:

      I totally agree and I expect nothing but get criticised for expressing the view that we will be relegation fodder!

      I expect nothing else until we are under new ownership but that is unlikely to happen anytime soon and so we need to steel ourselves for a long hard season!

      KRO

      • Staffs Blue says:

        You’re expressing your view. Now that opinion is more than fair.

      • Chris W says:

        I bet you are a glass half empty type of guy.
        Positive Thoughts = Positive Actions = Positive Results
        KRO+DNM

    • Mark Galloway says:

      I have just read your post in full and totally resent being asked to support another team simply for expressing an alternative view! I will be there at kick off supporting the team I have followed since 1967 but will not desist from expressing the view that because of the ownership of the club we will in 2014-15 season struggle!

      KRO

      • Staffs Blue says:

        I don’t wish to be pedantic, but expressing a view is one thing, but stating is as fact is definitely open to debate. You feel we’ll struggle to stay up, which is perfectly fine, you’re entitled to your opinion, but to say “we will in 2014-15 struggle,” is stating it as fact, which it isn’t. Not having a go, just pointing out the difference.

        • Mark Galloway says:

          Oh well we’re clear then and I will in future preface my comments with; “Please accept my comments as expressions of my views and don’t treat them as fact until they are proven so”

          One of us will be right come May 2015 and I sincerely hope your view prevails.

          KRO

          • Staffs Blue says:

            Cheers. Oh and “I think,” or “I feel,” or “I reckon,” etc is enough.

          • Tony says:

            Dont think you should go to those levels Mark state your views any way you wish .NO need to preface ramarks in order to satisfy the deluded on here I know I will not.

          • Mark Galloway says:

            Thanks Tony. I guess it won’t be long now before we find out who is right!

            KRO

      • Chris W says:

        I apologise, I agree we all have our views and we are allowed to express them thanks to Dan and OP.
        I’m not saying 2014-15 season is going to be easy, I just feel we should see how things transpire as the season develops.
        KRO+DNM

        • Staffs Blue says:

          That’s my view too.

        • Mark Galloway says:

          Thanks mate, we can be Bluenoses that agree to differ. One thing I must say is that Lee has acquitted himself very we’ll in the close season and should be commended!!

          I will there cheering the lads on as I have done for many a year through thick and thin, it is our duty!!
          KRO

          • Chris W says:

            You are welcome, if we all agreed we would be a sorry bunch. LC has done exceptional in bringing a group of players to our club knowing the circumstances we are all living with. All we ask for is that they step up and give 100% for the club.
            Like you I shall be there, as I have for most of the 50+years since I saw my first game, living in the highlands of Scotland was a long hike and unaffordable on a regular basis.
            KRO+DNM

  • mark says:

    daniel carson and pp have got more more clauses in Bhl than we will ever know……..lol they missed zig

  • mark says:

    great disguise dont buy into bcfc for 32mil buy into BHL FOR 52 mil……..

  • mark says:

    must admit Daniel the players interview with Robbo on bcfc even clayton did not know how to handle him lol…. whether this gives a false impression…but to me this give a clear indication of how well the players are settling in… Obviously everyone will wants to see positive results on the pitch….first and foremost the home results………..kro

    • Staffs Blue says:

      Paul Robinson texted every single one of the new players welcoming them to the club, even those who weren’t in the country. That’s good captaincy. Well done Sir Robbo.

  • ian says:

    the squad clarke has put together is built up of good players from relegated sides or promising players from teams who did not get promoted,
    now i have seen doom and gloom and blind optimism,
    i see us at the level of a promoted team, but at a disadvantage, any promoted team have played together for at least one season, they know each others game,
    we kick off in the unknown. some are hoping for wins,
    to be honest i’m just hoping for solid points, and draws will do,
    i’ll bet Brasil would have settled for a 120 minute draw,
    because they played like complete strangers,

  • mark says:

    cotterill and duffy imo are going to make a massive different this season with their wing play….I know when i first saw burke play he got me off my chair….
    but to have two wingers doing the same both sides exciting times…..if our strikers can take their opportunity we could see some goals at the stans………

  • mark says:

    IMO I felt Clark gave a good interview via the webchat in his Q&A on bcfc website, very diverse questions by the fans…well done lee

    • mark says:

      I felt he answered the questions, certainly didn’t duck out of any, and gave his honest opinion……..

  • […] some sway  – especially considering the information last week that Carson had suggested that BIH be sold rather than the […]


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