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Paladini: Fee To Be Agreed For BCFC In Next Ten Days
It was reported by the Birmingham Mail this evening that the Italian consortium fronted by Gianni Paladini is now hopeful of a deal being done to buy Birmingham City Football Club from Birmingham International Holdings in the next ten days.
A bid was submitted to BIH for the club around a fortnight ago which whilst rejected provided enough room for negotiation for a deal to look likely. Paladini’s consortium will now look through the current accounts for the club to complete their due dilligence before a deal is finalised. Barring any hiccups in that process it is hoped that the Gianni Paladini fronted consortium will agree a fee for the club in the next ten days.
Whilst a fee could be agreed within the next couple of weeks, the full process of a takeover will take a while longer. Any sale of BCFC has to be ratified by shareholders of Birmingham International Holdings via an Extraordinary General Meeting, as per Chapter 14 of the HKSE rules. As confirmed by this blog previously, this is a process that will take a period of time and is subject to various HKSE regulations. As a guide to the timescale for an EGM, on November 14 there were three EGMs announced to the Stock Exchange – one is set for 30 November, one is 5 December whilst the other is 29 December. BIH will require 51% of the voting shareholders to agree the proposal; Carson Yeung who owns 26% of BIH will not be allowed to vote as he is a director of BCFC. If you would like to keep an eye out for an announcement the HKSE’s rolling latest news feed is linked here.
Until an announcement is made by BIH to the HKSE we cannot know for sure when this sale process will formally begin. However, the fact that Paladini is now confident a deal can be done should bring hope that the sale of the club can be completed in time for the transfer window. Once an announcement is made a timescale will become a lot clearer.
Carson Yeung is due to be in court to face criminal charges of money laundering from November 28 but that now seems largely irrelevant as it shouldn’t affect the sale of the club at all.
Whilst it looks ever more likely that a takeover of BCFC will occur sooner rather than later I think it’s important that we as fans realise patience is still required as there is still some way to go. However, there is reason for cheer; it’s my opinion that if it looks likely that a takeover is happening (ie an EGM is called and the gears are put in motion) then I would think that any proposed sale of players in the window will be held off and Blues may be given a little leeway on the basis that money will be coming in from a takeover.