- Birmingham City
- Current Squad
- Development Squad
- Out on Loan
- Former Players
- The Board
- Chinese Connections
- Appearance Data
- Website Information
- Media Mentions
- Contact Me
Whilst there seems to be more rumblings in the transfer window here in Brum, there has been quite a bit going on in Hong Kong of late and with that in mind I thought it would be good to round up some news and talk about what it means.
January 31 means transfer deadline day here in England but it’s going to be an important day for Carson too as it marks his first court appearance of the new year. Carson will be back in court as his mother and wife try to convince a judge not to allow the repossession of his house on Barker Road as they apparently own three quarters of it. In truth, this case has dragged on and on and I don’t see there being a complete resolution tomorrow in truth but should they fail I suspect the bank will be eager to take the property (valued at some £12million) as they look to recoup their outstanding debt.
It’s been a busy time in the BIH offices of late as well, with three different announcements in the past three weeks. Taken at face value they are pretty much standard regulatory edicts to the stock exchange but reading between the lines there is something happening and it does affect BCFC.
The most important one was made last Tuesday and concerned the accounts for BCFC and Birmingham City plc. Whilst we knew that those accounts were available (and had been for some time), it was only really spoken about in Hong Kong in the South China Morning Post article of a few days prior. Mr Pannu was forced into that announcement because there are rules that state if something is printed in the public domain that affects the value of the company’s shares, then the company has to print a clarifying announcement.
It’s interesting that whilst Mr Pannu (and I must stress he disputes this) told the SCMP that he didn’t want to talk to the fans and it seemed evident he didn’t want to talk to the press either, he HAD to make an announcement to the shareholders and the regulatory authorities. It appears that Mr Pannu can’t ignore everyone, as much as it seems he would like to.
There was also an announcement the following day about the BIH accounts. Again, this is a regulatory thing – BIH have been forced to show how they are trying to get their house back in order and this was nothing more than an update. However, we do know that the auditors have been in Birmingham looking through the books and talking to people and it might just be possible that Mr Pannu will indeed get the accounts out. As much as the accounts (supposedly) need to be in place to sell the club, it will be interesting to see what there is in them with respect to the Xtep deal, debts that have been racked up and the land deals that Carson have made that have gone south. I’m not expecting many skeletons to be outed but I think there will be some details to dig into and maybe some more scraps of information to try to put together what the hell has happened out in Hong Kong with the parent company.
There was also an intriguing announcement a couple of weeks back about a couple of directors being disqualified. Again, the names don’t mean much but the reasoning behind the disqualification is interesting in itself – it’s as though Mr Pannu has looked for ways to get rid of directors. Without an AGM in two years plus where a director can fail re-election (a fate that has befallen the former Mrs Carson Yeung, Li Wing-Sze of late in another intriguing subplot), the only way directors have been culled has been by resignation or disqualification. This means of the eight directors (exec and non-exec) only four have been appointed by shareholders – and with the board needing two more to be back to full strength there will be even more people brought on board who the shareholders might not necessarily agree with. One wonders how the average investor feels about the current performance of the board – or if they’re even aware of what is going on.
As January closes I suspect February could well be another interesting month – particularly if the sales of players fail to materialise. Mr Pannu will then have the unenviable task of trying to bring in quick cash investment to the club else there is the potential they could lose everything with administration. I will admit I have no idea how it will pan out.