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.”