Blues again deny financial fears

Blues again deny financial fears

Published Mar. 9, 2011 7:15 a.m. ET

The Premier League is said to be closely monitoring the Carling Cup winners after concerns about the club's parent company, Birmingham International Holdings (BIH), emerged on the Hong Kong Stock Exchange. BIH is the investment vehicle used by Carson Yeung to buy Birmingham in 2009, but acting club chairman Peter Pannu has insisted that the situation at St Andrews is comparative to Midlands rivals Aston Villa and Wolves. "Our finances are fine," Pannu told the Daily Telegraph. "We are reliant on Carson's money, not BIH. We do not borrow money from BIH. "We borrow money directly from Carson. He is effectively like a bank to us. He has promised us that he will give us money for players and he will not ask for the money back. "If I need money, I go to Carson. Carson has never said no to me any time I have asked him for money. He has paid £31m for players. When I need to top up, I will go to him. "It is exactly the same situation at the other clubs in the Premier League. Aston Villa rely on Randy Lerner, Wolves rely on Steve Morgan. But I don't need money for anything other than players. We are in credit with our bank right now." It has been suggested that UEFA could stop Birmingham from participating in next season's Europa League if their finances are not secure, and the Football Association is also reported to be paying attention.

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