CHINA/FILE: FOOTBALL/SOCCER - Birmingham City director says club's future "bright" after owner Carson Yeung's resignation

Record ID: 451708

  • Title: CHINA/FILE: FOOTBALL/SOCCER - Birmingham City director says club's future "bright" after owner Carson Yeung's resignation
  • Date: 5th February 2014
  • Summary: HONG KONG, CHINA (FILE - NOVEMBER 2013) (REUTERS) VARIOUS OF EXTERIOR OF WANCHAI LAW COURTS HONG KONG FLAG YEUNG WALKING INTO COURT
  • Embargoed: 20th February 2014 12:00
  • Keywords:
  • Location: Hong Kong, China
  • City:
  • Country: Hong Kong
  • Topics: General,Sports
  • Reuters ID: LVAERHDWPGDJA1J6TAQQUPFSVLBF
  • Story Text: Birmingham City football club tried to assure fans and shareholders that the future of the troubled club is "bright" on Wednesday (February 5), a day after owner Carson Yeung resigned as chairman and executive director of its holding company Birmingham International Holdings Limited (BIHL).
    The 53-year-old hairdresser-turned-businessman is awaiting the verdict of a money laundering trial in Hong Kong due on February 28. He had pleaded not guilty.
    Yeung, who has owned the Championship (second tier) club since 2009, attended an extraordinary general meeting with BIHL's shareholders on Wednesday.
    He left early, tried to turn his back on reporters and did not answer any questions.
    Trading of BIHL shares have been suspended since June 2011, shortly after Yeung's arrest the same month.
    The football club's director and BIHL's chief executive officer and managing director, Peter Pannu, said after Wednesday's meeting that he expects trading to resume shortly but did not elaborate when.
    "He (Carson Yeung) got to attribute a bit more time to some other priorities, no doubt you would know what those priorities are, okay? The group is suspended from trading for quite some time now. So I think since we've been here, we've ensured that a smooth transition back to assumption of trading, that's a milestone. So the shareholders are all happy about that," Pannu said.
    In the meeting, the shareholders approved seven resolutions that would allow BIHL to raise more capital, including two that approved the issuing of convertible bonds that would raise a total of up to HK$175 million (US$22.5 million).
    Pannu expressed optimism on the prospects of BIHL regaining listing status and on Yeung's replacement, Cheung Shing, an executive director of China Oil and Gas.
    "(The future of the club is) Bright. I mean, if we resume (trading), we'll have capital, we will support the club, the new chairman will take over now and he is a very experienced person. I'm sure he will lead the whole group, including the club, towards a right direction, a brighter direction," Pannu said.
    Pannu also dismissed rumours that the sale of the club is imminent.
    "We have interested parties, we are talking to these people, and I think if something substantive comes forward, we will announce that. So don't listen to rumours, listen to proper announcements for this (selling of the club)," Pannu said.
    Birmingham FC are 18th in the Championship, six points clear of the relegation zone, and face fellow strugglers Charlton Athletic on Saturday (February 8) They won the English League Cup in 2011 - beating Arsenal at Wembley - but were relegated from the Premier League in the same season.
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