Often Partisan

BIH Announcement: Endgame in sight?

Birmingham International Holdings made an announcement to the Hong Kong Stock Exchange this afternoon to confirm it had come to an agreement with Carson Yeung and had brought the company a step closer to having the suspension of trading of its shares on the HKSE lifted.

The announcement can be read in full here:

Before I go into this any further, as always please bear in mind I’m giving my personal analysis and I’m not a lawyer, accountant or stockbroker; I urge you to read the announcement for yourself to help you come to your own conclusions.

What does it mean?

In simple terms Carson has agreed to drop a lot of his interference in the way the Receivers are running BIH in return for the Receivers dropping potentially very damaging court cases against him.

Say what?

To explain further, we need to understand what has gone on before. In December 2013, prior to the last relisting of the shares, Carson agreed a debt novation agreement which saw him forgive a loan made to BCFC in return for BIH giving him a massive amount (6.45 Billion) convertible shares in the company.

Carson had to convert those shares over the two year maturity period lest they lapse and he lost the chance. The deadline for that to happen was February 6, 2016 – which has obviously passed – and Carson still has 2.7 Billion shares (around £10million worth) left to convert.

EY have extended the deadline until 31 December 2016 given the proviso Carson has undertaken that he cannot sell or convert any of those shares before the shares are relisted.

In return EY have dropped their legal action against Carson for around £9million in damages, and Carson has dropped his appeal against EY being put in place – thereby helping to fulfil one of the criteria to get the shares relisted. Carson has also agreed to not vote in the required Extraordinary General Meeting (EGM), along with any parties acting in concert with him.

The last sentence is interesting, because of the implication that Carson has been acting in concert with other parties, thereby controlling more shares than his own 27.89% – something that if proven could have serious ramifications with both the Football League and the HK Authorities.

So that’s it, it’s done – the club is going to be sold?

Woah there, not so fast.

This is a step along the way to the shares being relisted which is a step along the way to the club being sold. It has to approved by an EGM – however Carson will not stop it which should mean that approval is gained.

However, the court case against Carson wasn’t just against him. It was also filed against Asia Rays and Amazing Top International Enterprises (both owned by Peter Pannu) while EY have further pursued Pannu to add him personally to the case. Mr Pannu isn’t listed in this announcement – however one would think he will be negotiating some kind of settlement with EY himself as I doubt he wants or needs potentially damaging information about his running of BIH revealed following his return to his career at the bar.

The announcement is definitely good news, but it’s not quite the end of the story yet. However, with Carson now seemingly onside one of the biggest hurdles may have been overcome. The question is now how quickly the EGM will be filed and what will happen to Carson’s shares once the company is relisted.

 

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119 Responses to “BIH Announcement: Endgame in sight?”

  • Richard Granfield says:

    I wonder who blinked first?
    Was it CY contacting EY regarding agreeing the Settlement or the other way round?

  • Darren Brown says:

    Magnificent news …
    The club needs to be sold to get the fans base back before its loses another generation…

    CV7Blue

    • ChrisG says:

      I they can’t be bothered to support us through joys & sorrows I wouldn’t want them back

    • Des says:

      if there are any fans not going down because of ownership issues thewn more fool them! support the shirt, we had best owners in our history with the gullivans and still some didn’t like them and wanted em out, support the shirt!

      KRO

    • Des says:

      if there are any fans not going down because of ownership issues then more fool them! support the shirt, we had best owners in our history with the gullivans and still some didn’t like them and wanted em out, support the shirt!

      KRO

      • almajir says:

        I didn’t and still don’t like them. West Ham fans seem to think similar to me too.

        • Dan Hickman says:

          I’m not a huge fan of Sullivan, he always seems to want to be centre of attention. That being said, I will always be gratefult to them (and their money) for dragging the club forwards and bringing us up to a level where we could and should have kicked on as a club. Between them and Brady, they know how to get players through the door as well to be fair.

  • Mickey07 says:

    Dan
    After reading your blog on Saturday which had us all heading for beachy head and now today’s news thinking about it I find it hard with someone of your contacts in Hong Kong and being privy to more information than any of us here in the u.k. Could wish for I’ll ask you this,did you know anything about today’s announcement (even rumours) before posting your blog on Saturday morning as today’s news was agreed on the 8th March Dan,if you did I’m trying to understand why do your blog on Saturday and have us all running for the hills…seems strange if you did know…if you didn’t then fair enough.

    • almajir says:

      No mate, my crystal ball was in for service on Saturday.

      And tbh, it’s interpretation. Things are only as bad or as good as you think; Saturday’s piece was just a recap as to WHY things were taking as long as they are; today’s piece is based on announcement that indicates the next step is being undertaken. Saturday’s didn’t say all was doom; today’s isn’t necessarily all is great.

  • Mitchell says:

    Daniel. thank you for responding to my earlier request. Appreciated.

    • almajir says:

      Mitchell – it was I who broke it on Twitter – if you or anyone else wants the latest then it’s an idea to follow me there cos it’s easier to type a tweet at work than an article…

  • Tony E says:

    Surely if PP1 is going to return to his career at the bar (gasp), he must try to reach an agreement/settlement with EY before it ever reaches court.

  • Hillfield Blues says:

    It was allways going to boil down to BIH retaining the HKSE listing which is worth 30 million in itself.It can now resume trading and diversify its business in other directions and sell on the football club.

  • Mitchell says:

    I still cannot get too carried away with all this. Suspicion or other-CY is a bit canny and just a bit of ‘beware Greeks bearing gifts’ comes into my mind. Grossly wrong I want to be.

  • So if the club is to be sold and TTA don’t buy it will E & Y supervise the vetting of new proposed buyers do you think DAN as we don’t want to be back to the past again ….KRO

    • almajir says:

      think you’ve mixed stuff up… suffice it to say, once the shares are relisted, EY’s work is done.

      • Graham says:

        But TTA can convert their loans to shares, and or against the price of buying blues on a precontracted agreement ?

  • ChrisG says:

    Knowing the way the chinese work, the EGM will be in 2018 with the result of that EGM in 2020. BIH will be relisted on the stock exchange in 2025 & a short while later around 2035 a takeover will be completed, by which time we will all be too old to care!!!!

    • Mitchell says:

      Chris. I know that was tongue in cheek- but you may not be far off the mark. Problem is that we are really all sponged out since 2011 and any end game seems mythical.

    • almajir says:

      I suspect the EGM will need to be by the end of the season due to the financial issues previously discussed.

      • ChrisG says:

        Sounds good to me Dan, in all honesty I really don’t understand how these things work but the way you’ve written this piece even I can see that a little light is beginning to shine at what has been a very long tunnel.
        Mitchell yes that was tongue in cheek & I hope to god i’m way wide of the mark!!

        • atko says:

          I would think they are all racing to get the EGM done & dusted so things can progress. I cannot see anyone wanting trading suspended a minute longer than necessary & now a solution is in sight they will all want it rushed through. The suspension is in nobody’s interests. I’m surprised the announcement was made without having scheduled the date so as to include that in the announcement.

    • Jf7 says:

      That is the funniest thing I’ve seen for ages. Where’s the like button ?

  • Stevie W says:

    Dan
    Where is the detail of the restructuring that says BCFC will be sold? Forgive me for asking but there has been so much info pushex out I cant remember seeing it being said.

    • almajir says:

      It doesn’t.

      The restructuring comes first, then the sale. Hence me saying it’s a step along the way, not the deal being done.

  • Graham says:

    But TTA can convert loan to shares?and or against buying blues with a precontracted agreement ?

  • One thing that does come to mind is that has Carson agreed to this agreement because the charges that could follow if he loses stop him from taking over the club again….

  • Tony E says:

    If TTA convert their loan into shares, does that then remove the debt which has been placed against the ground?

    • almajir says:

      Well, as the loan wouldn’t exist any more as it had been converted… yes

      • John says:

        I might be wrong but wasn’t the ability to increase number of shares (issue more) defeated at the AGM? If so wouldn’t that preclude TTA from converting its loan(s) into shares at this stage?

  • Quokkasskip says:

    This is ace news.

    Carson wants the club sold so he can get his money.

    The end is nigh. E&Y have given him quite a lot but it is worth it.

    Please let it be over.

  • jazzzy786 says:

    PP returning to work at the bar. Which pub is that?

  • DoctorD says:

    I think this is massive news…not just in itself but also because it shows a change in mindset on CY’s part.

  • Art says:

    At last.

    Great news.

    We now need to know what plans the new owners will have in place to take the club forward.

    I

  • Rick Morty says:

    Ey obviously needs to hand over the passion fruit because cy wont give a dam whether its listed on the Hong Kong shark exchange, I’m just its not as straight forward as a whole week in Canada.

  • swissjonny says:

    All very interesting but I fear a sale is a long way off. An earlier writer mentioned the phrase who blinked first.I believe it was a dead heat with both parties coming to their senses and panicking about the outcomes of any very expensive litigation. E and Y have earned well out of this they dont need CY-as a possibly free man with support from his mates- dragging them through 4 or 5 years of Court. CY on the other hand feels he is going to be a free man-thats what his lawyers are telling him- so he doesnt need further legal aggro and costs.. Now I wonder if CY has been talking to TTA.If CY hasnt perhaps one of his concert party has.TTA get the listing and CY hives off the Club into a new vehicle. This is conjecture but it all smells a bit too convenient for me. Hope Im wrong.

    • Mitchell says:

      Swissjonny. We both feel the same here. Complex,mind blowing at times and pure scepticism of what’s going on. It’s just us and our worn out brains trying to make sense of it all. Apart from Daniel and I have to mention Tom Ross – nobody in our region has remotely tried to clarify the situation for us fans. Scaremongers have enjoyed writing columns in papers and certain local radio stations haven’t helped by enjoying the A word in not so long ago that to believe in a bright future still has hurdles to overcome. Until CY has severed his ties at Stans.we cannot party.

  • Andrew says:

    Hopefully then this lays the foundation for some positive and exciting development in the summer.

  • ChrisG says:

    Dan I know i’m probably being a bit thick, but once the shares are relisted and E&Y are no longer of service, what happens then regarding the sale of the club/BIH?, do TTA have the right to move in as owners? or do they sell it on?, do battle in the courts with CY?. I know they are the holding compay but i’m really struggling to follow all the legalities of this & i’m sure i’m not thd only one. Just wondering if you could do a short “idiots guide” blog?.

    • almajir says:

      TTA don’t own a share of BIH, so they wouldn’t be owners. They may be able to get onto the board though.

      As for the idiots guide… I’m not sure what else you want me to say than what’s above? It’s all a way off and very speculative at the moment, I can’t say for sure what’s going to happen.

  • Andrew says:

    Lets get the ball rolling with an EGM.

  • DaveP says:

    So, even though our former owners have allegedly been accused of wrongdoings in the past, this will not be investigated further at any level and have therefore been exonerated for the sake of the greater good? Am I understanding that correctly?

  • RichardM says:

    Dan, am I correct in saying that Trillion Trophy are after the Hong Kong Stock Exchange Listing rather than BCFC? Does it then follow logically that once they have acquired BIH they will flog Blues?

  • AdamTrueBlue says:

    Lets all start saving so that we can have the OP Bloggers takeover, we might have a while to go so will give us chance to raise a few shillings. Kro

  • zxcv says:

    I think its worth noting that as far as time scale goes E&Y have only agreed an extension to the novation order until December 16. That’s the most critical bit of information in that announcement for me.

    • almajir says:

      It’s not the novation order that has been extended, it’s the maturity date for the convertible shares. The novation has been and gone.

      • zxcv says:

        Yes of course quite right. Didn`t he convert that first amount when Yang purchased that massive amount to go major share holder for a few days or so. Thing is tho Dan Carson won`t want this extended date of December to pass without him coming to some sort of deal.

        • zxcv says:

          Do you think the plan is to force him to sell the shares that he already holds to enable him to convert these notes before December or lose them as he can`t own both as he will be well over the 29.9% in which case he would be required to make a takeover offer which he can`t at present.

  • Paul Hawkins says:

    Please forgive me if I don’t get to excited just yet. We have been here before with the whole sorry saga. It has dragged on for way too long and has been so frustrating for us the fans. I just want the man gone and so we can finally move forward.
    What does keep me hoping is looking at the also sorry state of the Vile just down the road.

  • I think we should all have a permanent BLUENOSE DAY to celebrate every year . once we are free ,where all blues fans spend a Saturday with a painted blue nose to celebrate freedom and also attract youngsters wanting to be a bluenose ….KRO

    • ChrisG says:

      William, maybe we should do it every home game to celebrate the fact that it’s another week/fortnight closer to having new owners!!!

  • Tony says:

    Dan , you say that Carson has agreed to this in exchange for E&Y agreeing not to pursue potentially damaging revelations about his dealings.
    This intimates that there is indeed some truth to these charges and would be of interest to the HKSE,would they not be interested in pursuing these matters of their own bat thereby negating Carson and E&Y?.

  • otto says:

    Whilst we all agree that we’d be relieved for the CY saga to end, what are we hoping will result from a sale? The club now seems on a more stable sustainable financial footing and clearly TTA would be looking to sell the club on in the future. People seem to want some one to come in and spunk millions into the club. Personally I’d just be happy with someone/ group with some kind of local connection and I didn’t feel they were trying to rip us off.

  • ChrisG says:

    As far as any potential sale goes, I wonder if there’s a lot riding on the outcome of CY’s court case?. He’s made it clear in the past that he doesn’t wanna let go of us & if we do have to wait for his court case then we will be waiting a bloody long time til all this is sorted.

  • Bluey says:

    This is very complicated and so many issues have to be resolved before we get the desired change of ownership.I doubt a deal will be struck any time soon. Assuming BIH obtain their desired listing then i gather EY will leave the process.If this is the case aren`t we back to square one with CY as major shareholder? And would he have to sell the club? As for the idea that CY has been acting in concert with others i would say that was blindingly obvious otherwise how do you retain power with 28% of shares? My maths is ordinary but reckon there`s about 72% elsewhere and he needs some dark alliances to keep the status quo. I heard Tom Ross suggest this was the beginning of the end but,with apologies to Winston,it`s probably more like the end of the beginning.

    • RichardM says:

      Bluey, I don’t think so becuase Trillion Trophy are now involved and have been funding the club these past 12 months. You have to assume that Trillion Trophy want the club or at very least the HKSE listing, which is far more valuable. The EGM (which Carson has agreed to stay well clear of) will be to put forward a motion to the other shareholders for the sale of BIH to Trillion Trophy. Once that happens, E&Y can back off and take their pay-cheque for sorting the company out.

      Carson can’t interfere until the shares have been re-listed. I’d say Carson realises the game is up, and this is now about damage limitation – i.e. get as much money back as he can from the convertible bonds, and get the hell out. He can’t do that until the shares have been re-listed, so it’s now in his interests as well to “delay no more”.

      My concern or the big unknown is what plans do TTA have for Blues? I suspect they will need to acquire another business first before they can relinquish Blues (otherwise they lose the HKSE listing once more). So although I think it’s now the final phase for Carson, my fear is that we may still be held in limbo for a while while TTA tries to diversify to protect the listing.

      • Bluey says:

        But surely the EGM doesn`t necessarily mean the remaining shareholders will vote to sell to TTA and CY`s shares will still be his to do with as he wishes.Unless i`m missing the bleedin` obvious.

        • RichardM says:

          No you’re not, but with Carson out of the picture the rest of the shareholders may accept EY’s recommendation to sell their shares to Trillion Trophy. That would then give TTA the majority if the rest of the shareholders do indeed accept this. Even those inside the Carson faction may now be less hostile to this now that Carson seems to have made friends with EY all of a sudden.

    • AdamTrueBlue says:

      Perhaps the deal that has been brokered leaves CY with Blues and TTA with Bihl and the HK Listing?
      Second guessing again!

      • RichardM says:

        Maybe, but again, BIHL is worth nothing without Blues, as it cannot get a listing if it is a “hollow” company. What you’re suggesting would mean TTA have already struck a deal to sell BCFC to Carson, ONCE the shares have been re-listed, and ONCE they have acquired another company to replace Blues in the BIHL. That’s too much uncertainty for me, who knows how long it would take, would that be attractive to either Carson or TTA? Remember, Carson has to convert his shares in BIHL by December 31st 2016.

        • AdamTrueBlue says:

          TTA must already be a company and they have no listing which is why it was hard to get information on them, what if they want the listing for themselves? Bihl would no longer be hollow without Blues? Just a possibility?

          • RichardM says:

            I think that’s exactly what they want Adam. As to what other companies TTA owns I’m not sure, but could well be another “holding” company like BIHL that doesn’t actually own any live companies. You or me could open up a company and register it today, call it “Trevor Francis Wonderkids Ltd”, as long as it’s got a couple of registered directors that’s all you need, doesn’t have to actually do anything.

            To get a listing on something as prestigious as the HKSE however you would have to have a business that was a going concern. That’s realy the only reason I think TTA want to buy BIHL and Blues.

          • almajir says:

            TTA is an investment vehicle, nothing more (as previously explained many, many times)

  • Andy says:

    So how long do you think it will be before bih are relisted then?

  • abc says:

    Interesting, are you going back to HK any time soon?

  • Swifty says:

    Yeung is toast. EY, TTA and Panos have played him into a corner and he will get rid of his shares now as he has no option then it is onto Pannu. Light at the end of the tunnel finally

    • zxcv says:

      Spot on and not sure why someone doesn’t`t want to say so.

      • zxcv says:

        I have always said he is never coming back and I Can`t understand why all the talk about him coming back if he wins his appeal blar blar blar.

      • almajir says:

        You referring to me zxcv?

        If you are, please say so.

        For the record, “toast” still owns 27.89% of the company and a 2.7billion ish overhang of shares. He’s not toast yet – he might be a bit more compliant though.

        • Mitchell says:

          Daniel. I really don’t think zxcv is referring to yourself.

        • zxcv says:

          Dan Carson has actually signed to say he will abstain from voting at the egm effectively allowing the restructuring which obviously includes the continuation of Negotiations with TTA. He is all but saying out loud he will not interfere with the sale. Now i was of the opinion that when i popped back into this site i would see loads and loads of ecstatic noses frothing at the gills with excitement over this news and tbh that expectation included you also. I assumed this bassed on the last time i was on your site and the talk at the time was about him returning fuelled by yourself and comments about him winning his appeal and how it would change everything, so i naturally thought i would find a party going on , on this site with this news, hence my response to swifty`s post. Yes i had found one post. Your responses to questions was so very flat quite the oposit to what i expected I almost felt like after waiting all this time no one was really bothered. Whatever way you want to paint it this is the most fantastic News for 5 years, so as Maggie said GO AND REJOICE , what ever it was she said, so my point was to everyone really but yes to you as well.

          • Mitchell says:

            zxcv. You are quite right to be excited and I suppose we all are. It is just that being sponged out with this whole process a large number of us are awaiting a hiccup. However,if all comes good come early summer we will hire cannon hill park and party. Daniel incidentally is imo trying to keep wild expectations in calm proportions.

          • zxcv says:

            PS i have never referred to him as “TOAST” HAVE I.

          • zxcv says:

            Mitchell, most people i know are delirious, in the pubs, at work, even in the street i live in, never seen so many High fives, then you come on here and it just seemed a bit flat.so negative. This is not a deal they are in talks over its a deal that’s actually Agreed its happening people. LOL

          • almajir says:

            a) it’s not done yet – despite what you say, there is many a slip between cup and lip. I’ve always been cautious in my optimism and my pessimism, so I’m not going to change now.

            b) I think I need to remind you as I reminded Mickey that it’s all about perception: On Saturday I wrote about why things were taking so long as people had asked so many times – and yes, my concerns as to what could be holding things up. As I’ve said on video, you can either take it one of two ways – like Bluey does, you can see it as evidence that nothing is changing or others do, evidence they’re trying to get it right first time. Likewise, this news is merely that, news.

            c) People rejoiced when Gold and Sullivan left. Look what happened. People across the expressway rejoiced when Ellis left, look what happened. Owners come and go, and while we’re often happy to see them come in, we’re more often than not happy to see them go too – so as much as I welcome change I have more reason to be cautious in my optimism.

            d) finally, although I know you’re not going to like this – this is my website, not yours. It’s not wise to continually insult the owner…

        • Bluey says:

          My sentiments exactly. Let`s not forget he is still major shareholder and is not out of the picture yet. I have a horrible suspicion that he will be Blues` owner after BIH/TTA/EY are gone. I suggested many moons ago that one day the fans would have to offer CY the pipe of peace and we`d have to accept him as our owner.I haven`t changed my mind although i desperately hope i`m well wide of the mark.

  • I for one hope you hear more soon Dan , I find all these power games stressful but fascinating , hard to read after a while , but still very interesting , perhaps I have a problem founded by watching the old flash gorden series as a kid , I perhaps miss the cliff hangers . KRO

  • Mitchell says:

    Imagine throwing Blues into the final for the 3rd place for the Prem. 90minutes away from £90 m. Love it to happen and it could knowing us.I would think CY/ TTA would take a different view altogether. Highly unlikely I know but we are a perverse lot being Blues!

  • All that stress Mitchell in the last few years all building up towards the final , Hey way to go ..

  • I believe an EGM in Hong Kong can be between 28days to 3 months from date deposited , but don’t quote me on that ….

  • Thanks for that DAN ,

  • Mitchell says:

    zxcv . High fives etc.is all bluenoses hopes when the day CY ends all ties etc. No questioning that.Because of the nature of the man and yes he has agreed a deal already well documented-still shifty thoughts abound concerning his many hidden agenda’s.Also the mood of fans could very easily swing should CY return a free man with pots of money to get us promoted.I agree with Daniel that he wouldn’t be surprised to see 60% of fans accept him back. Fickle we are. I do applaud your current happy state and hope it increases over the months ahead but to be delirious etc.must be tempered a bit. As regards ‘Toast’ it wasn’t you that commented that word.

  • Dave Mann says:

    Keep calm and think of Fulham Saturday , that’s all that concerns me because it is now a game we MUST win to stay in playoff contention , if we lose or draw then even Dave Mann will throw the towel in and admit it’s all over , honestly !! KRO

    • StaffsBlue says:

      Reluctantly, I think I’d have to agree with you on that Dave. Results went against us again last night. I think that if we don’t get 3 points on Saturday and results go against us again, I don’t think we have enough to close the gap again.

    • Bluey says:

      Reality starting to bite eh Dave? Don`t say i didn`t tell you so !!

      • Dave Mann says:

        Ah well , there’s always next season I suppose . KRO

        • Bluey says:

          Unless we have new owners and some decent investment i`m afraid we`ll have more of the same next season (or worse). We desperately need to get the off-field problems sorted and give GR some help.He can take us up next season but he needs help.We don`t want him walking away.

          • Dave Mann says:

            Hopefully the news over the last day or so will quicken that process up and next season could be a real push for promotion and not a falling away like this season might end up , time will tell as always .

  • Mitchell says:

    I don’t want you throwing that towel in-you know you need that for summer season in Brixham along with that three cornered hanky you put on your head on the hot beach! Towels don’t grow on trees you know.

  • Dave Mann says:

    It’s Italy and Austria for me this summer Mitchell and not Brixham but maybe later in the year come November maybe …. Ipswich winning and Sheffield Wednesday and Cardiff in there is making it massive we win Saturday and no other result will do for me .. Those towels will be thrown round Saturday evening if it’s not three points mate , sorry ! KRO

  • swissjonny says:

    Your right Dave. Its 3 points we need-nothing else will do. If we get promotion Ill treat you to a new set of towels mate!

  • swissjonny says:

    Oh ye of little faith-but probably a well honed sense of reality!!!

  • Your right swiissjonny , if we win our game in hand we will be equal seventh place 1 point behind sixth , and only three points behind fifth place , I hear no fat ladies yet , and fat ladies are usually happy so throw away the tissues , and show them what men are , it’s not warm enough for short trousers so COME ON , true grit take no prisoners , SUPER BLUES ..

  • Something like that anyway,

  • Dan Hickman says:

    Item 4 of the settlement agreement is interesting, stating that the proposed restructuring must be agreed by the cayman court. The way that I read it (and I may be completely wrong) is that if the sale isn’t agreed then the convertible bonds will not be extended and the cases against Carson won’t have to be dropped?

  • The Sceptic says:

    After reading announcement I am pretty sure the final deal has already been struck. My money is on the following:

    1. CY “selling” all his shares in BIH to an as yet undisclosed company. That company will already be a sizeable and reputable company wanting a HKSE listing
    2. BIHs shares in BCFC will be “sold” to CY et al
    3. BIH will repay TTAs loans and consequently cancel their legal charge over St Andrews.

    This way everyone is a winner:
    1. CY gets to keep BCFC.
    2. The undisclosed company gets a HKSE listing.
    3. EY & the backers of TTA enhance their reputation and get to make some nice fat fees for making it all happen..

    The claims against PP1 case will be dropped and he will disappear never to be heard of again.

    CY together with his new cronies will be back at St Andrews for the start of the 2016/17 season.

    Remember – money talks!

  • BhamCityJulian says:

    If CY comes back that is Panos gone, Gary will see CY as an unprofessional businessman and will leave and his lack of business acumen will send us to Administration then insolvency.

    That’s one road I won’t be keeping on

  • […] plus next year if the deal to buy the holding company isn’t completed? While there was a positive step last week in Carson agreeing not to interfere in the relisting he’s not said owt about […]


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