Blues board defend finances

Birmingham International Holdings Ltd, owner Carson Yeung’s firm
and Blues’ holding company, has been warned it could collapse due
to massive debts. BHIL have excessive liabilities of around
£35million and it had been feared the club’s long-term future
could be at stake. However, Pannu insists Yeung is fully committed
to Birmingham and that he will subsidise any short-term payments
required to keep them afloat. The club’s acting chairman also
believes the club’s level of debt is nowhere near the height of
others and that reports of their demise have been exaggerated. “The
accounts are those of the holding company and has nothing to do
with BCFC which, in the last year, had shown some profits,” Pannu
told the Birmingham Mail. “The level of negativity as portrayed in
the account is the carrying forward of net debts and write off from
previous years. “The club is continually supported by Carson Yeung
with his personal money where, by undertaking, there are no plans
to call in and more will come in to buy players, where we see value
and where the new players will enhance the squad. “Football is an
expensive hobby and will remain that way unless all Premier League
owners come together and do something about the runaway player
wages and instil some sort of financial discipline collectively. “I
may also take this opportunity to remind people, fans and the
public, that they cannot have it both ways as on the one hand
criticising accounts and on the other hand demanding more injection
of funds to enhance the squad. “There has to be a balance and we
feel the club had struck that balance and the parent company’s
accounts are nowhere near to the level of debts shown by some major
Premier League clubs and some of the powerhouses in Spain and
Europe. “To suggest a crisis and a financial meltdown of BCFC is
not only ludicrous but is a bit of a rumour-mongering exercise. The
club is in good health and we have unlimited support from Carson
Yeung.”