Often Partisan

BIH Accounts Delayed Again

Birmingham International Holdings have announced that the accounts for the year ending June 2013 are to be delayed for a second time.

The announcement confirms a further month’s delay to the accounts in what will be a bitter blow for Carson’s hopes to get the company relisted on the stock exchange. The accounts were due out on September 30 and were preceded by a profit warning but have been held back as the company need additional time to prepare them.

There is documentary evidence saying that Carson does not wish to sell the club outright initally, with the BCFC president wanting to hold back 75% of the stake in the club until the shares in the parent company have been relisted for at least a month. This would suggest that Carson wishes to use the money raised from selling 25% of the club to inject liquidity into the parent company to ensure that it can be relisted.

Furthermore, I would speculate that one of the reasons that the company cannot release its accounts is that they need them to fully comply with the HKSE’s listing rules – ie have no disclaimer of opinion and be treated as a going concern and it might be that until a stake is sold that isn’t possible – further adding to the speculation that the company (and thus the club) is running out of cash.

With Carson’s cross-examination now continuing until Thursday at least and in all probability next week I cannot see how Carson will want to negotiate anything until that is over, adding even more time to the holdup in selling the club. All in all, it adds up to some very sorry news.

62 Responses to “BIH Accounts Delayed Again”

  • TonyE says:

    Not your fault Al, but my heart sank (again) when I read this latest offering. Not surprised re the accounts being delayed again, but the thought of being run by these people for the forseeable future is soul destroying. He wants to use the money from a partial sale to inject liquidity into BIHL who on earth would provide him with money under those circumstances and what exactly will that company do with said monies, without BCFC they don’t exist. Oh boy is it a long, long road with no end in sight, he wishes to save BIHL by sacrificing BCFC.

  • Chris W says:

    Very sorry news indeed.
    I can’t see how the club or BIHL can continue without going into administration?
    We have been told we have no money, we can carry on in the current climate for the current season, yet they can’t produce audits of proof either way.
    Surely someone, somewhere has to say enough is enough, these are suppose to be professional people running a multimillion pound company yet they can’t get an accountant to keep even the simplest of accounts.
    A simple opening balance, money in from A<BY>Z, closing balance, simple basic housekeeping.
    Safe Journey Dan, ask the pilot to put his foot down and you could make the match
    KRO+DNM

  • Paulo says:

    DELAY NO MORE !!! Enough is enough, we can,t be quite any longer, if it makes a difference or not !!!

  • Chris W says:

    Thanks for another great update even if it does bring more doom and gloom, at least you keep us informed long before anything from the club or local press, keep it up Dan.
    KRO+DNM

  • Richard Granfield says:

    Now we find that the announcement of the annual results will be no later than 29th November, less than a month away. However, no date has been agreed for the board to meet to approve the annual results! Expect a further delay.

  • bluenose08 says:

    I fear its going to get worse before it gets better expect more sales in january window !! I cant see how the team can survive in this division if we lose more players. I think carson is just trying to hang on till the end of the season and he may just be able to do that by selling players in the next window but will it result in relegation ?
    DELAY NO MORE !!!
    safe journey home dan.

    • Monty says:

      Tell me please who do you expect us to sell there’s nobody left at the club worth over a hundred grand they could sell the whole first team and it wouldn’t even generate a million quid!

  • sutton apex says:

    DELAY NO MORE !!

  • Blue Nose Gaz says:

    How on earth do these cowboys expect to be re-listed, when they continually miss deadlines.
    This farcical episode just seems to drag on and on with no light at the end of tunnel so depressing.

  • Garrybluenose says:

    Very sad indeed, but is totally in line with what I heard yesterday that Administration looming within two weeks!! Posted this info on BCFCfreeforums yesterday!
    KRO

    • steve says:

      I will bet you any amount you like that we won’t be in administration in two weeks. Even GP said that won’t happen. They know how much is coming in and spend accordingly. Ridiculous comment.

  • edd77 says:

    He dont want to sell outright, my question is what idiot is going to go into business with him??? Administration will happen because he’ll take us down with him

  • Here we go again. Same old story and im getting sick and tired of these so called Jokers who show no consideration for the fans, club. Plz put an end to our misery and just sell up.

  • Mineheadblue says:

    If you wrote all this as a storyline, no one would believe it. You really couldn’t make this up. I don’t think any fans are surprised any more by each further announcement/bombshell/delay.
    Yeung appears to be completely deluded and has lost touch with reality. Surely now the only way out is Administration

  • AlexT says:

    What? This is great news, surely?

    This means BIHL havent got a bean and Admin is just weeks away. So either CY loses everything or he sells for what he can get. The only hope he has is if there is someone else who wants to pour money down the toilet and invest IN HIM…… and at the moment, HE seems like a very poor investment. Am I over simplifying things here? I probably am, but its just how it looks to me.

    DELAY NO MORE!!

    • Ali Duncan says:

      Alex. Those were my exact thoughts the second I read it. To be frank I’ve finally turned the corner on this and I’m thinking admin might not be a bad thing. Admin, Carson (hopefully) gets sent down and the club is sold because a) he won’t be allowed to be a majority shareholder and b) because it, probably, will go for peanuts and therefore be attractive to multiple would-be buyers.

      I’m sick to death of this nonsense now and I want a resolution like the thousands of Blues fans out there.

      I don’t really care if we got relegated. It could be a case of one step back to take two steps forward. Blues will bounce back eventually. Also , on a selfish note, there will be 10 new grounds for me to tick off so happy days.

      • AlexT says:

        Totally agree Ali. I’ve got no problem going to watch us play in Div1…. Last time we were in Div1, I got to see players like Jose Dominguez piss past defenders like they weren’t there! :)

  • Blueswan says:

    I think DNM will become as much a part of Birmingham city folklore as KRO!

    Thanks for another great post Dan… even if it is more doom and gloom!

  • Oldbluenose says:

    Almajir;, Does not the H,K,S,E, have disaplineary powers to bring B,I,H. to book for continually missing deadlines, ?????????.

  • John says:

    We must be the cleanest football club in the world,with all this laundering going on !

  • Richard Granfield says:

    As I understand it “Going into Administration” means an Administrator is appointed to act as a temporary chief executive on behalf of the creditors. His/her aim is to maintain the business as a going concern with a view to selling the business, or part of the business, to new owners. This seems superficially acceptable, but the downside is a 10 point deduction by the Football League.

    • jon says:

      i think we will be going into admin not the best outcome i know but if it gets rid of cy and pp lets take the 10 pt deduction and MAYBE relegation but come back with new owners(paladini ?) and come back even stronger

    • Chris W says:

      The sooner the better, at least we can use the transfer window to, hopefully, get 10 points clear of the bottom three and survive…. JUST.
      The longer it takes the less time we will have so. DELAY NO MORE….
      KRO+DNM

    • Wearynose says:

      A 10 point deduction is not a downside; it is a future benefit. If we have to fall two divisions or three divisions it doesn’t matter because administration and minimal revenue will help to hasten the departure of BIHL, which is the only thing that matters at the moment. The football, such as it is, is irrelevant at the moment because of unaccountable, and unaccounted for by this latest news, financial straits.

      We shouldn’t be in this financial black hole. If a club with our support is in trouble then the majority of teams in the division should also be. The problem must be the cash which BIHL, and the vastly overpaid Pannu, are taking out and the evidence is the fact that they are unable to produce accounts anywhere near on time, the difficulty being in trying to obscure the reality.

      Fans need to be not afraid of relegation and administration; we can resurrect the club from wherever it has fallen as Wimbledon fans did in having to form a new club. That lack of fear, the preparedness to look into the abyss, will take away the only hold which BIHL have. Matches need to be boycotted, and merchandise not bought. There is no point in complaining about BIHL and the situation which they have placed us in if you are not prepared to fight for their removal without fear.

  • Tony says:

    Better to get it over with ,admin is going to happen bring it on Lets have a new start ,get rid of Carson and Pannu.
    The one good thing is Yeung will lose millions and the obnoxious Pannu will lose his gravy train, yes its a 10 point deduction but think of the good, new owners, new manager new hope Im sure the vast majority of staff will be kept on.

  • pierre says:

    as reported in the daily mail last week, if the club is not sold before xmas its administration.

  • chudlt says:

    Administration would surelycondem us to League One and crowds of no more than 8000

    • Wearynose says:

      It doesn’t matter; it would hasten the departure of BIHL, which is the only thing that matters. We can pick the club up from wherever it has fallen. Even the Conference would be a better position than that which Wimbledon fans started and they got into the Football League from scratch in ten seasons.

    • Ali Duncan says:

      Maybe but more fun I reckon. Hardcore support home and away. Brilliant times ahead. If you look at previous posts on here some people’s favourite Blues memories are not Wembley and Bruges but Torquay, Rotherham and Orient. I’m in the camp that favoures the later so I’d be ok with it if it sorts the club out.

      • Bluenosesol says:

        Ali, I agree, its strange but when I was a kid following Blues home and away in the 70’s it was all about the Blues and the Bluenose experience, whenever, whatever, wherever. Being in the first division was a bonus. I recall going to games in the old third division and as a group of supporters we still had a great time supporting the team. Seems today that we only support the team if they are doing well, we back off in our droves when we are not doing well and then come back when the good times return. Weve had shit owners before and we’ll have them again. All I care about is BCFC!

    • Thejudge says:

      Tell you what I’ll be one of the 8000. I think you’d be surprised though, with new owners comes new investment, certainly would justify my decision to spend money at the club as I would be happier as to who’s hands it will end up in

      Kro + delay no more

  • Tony says:

    We could make the points up Im convinced

    • Bluebird says:

      You can’t just ‘make the points up’ Tony otherwise everyone would be doing it ~8)
      They have to be based on our performances on the pitch which will generate points per game!
      Simples…!

  • dave mann says:

    admin will definetley mean league one next season, we only finished six points of last seasons
    relegation zone and were below last seasons points total after 13 games this term so its bad
    news if that happens…. but ive got a feeling were be saved when it comes to the nitty gritty
    and we will avoid it, league one doesent bare thinking about, it brings shuddering pains to my
    bones to even think about it……please god NO!!!!!. KRO.

    • bluenoseb says:

      Were are slightly behind the points tally of last year, but wasnt it the second highest points tally for teams to go down with last season in the championship? Not convinced were avoid relegation if we go into admin but if we can get same points tally as last season that might just be enuf even with the ten point deduction.

    • Wearynose says:

      Relegation would hasten the demise of BIHL, and that is to be welcomed. Fans fear of relegation gives BIHL heart; have no fear and defeat them.

  • StevieW says:

    Is league 1 with a future a better option than what we have at the momen?.

    Some say crowds of 8,000 but if the future is really positive with a new owner doing the right thing with a manager that can spot a winning formula when it hits you in the face then I think the crowds will return.

    Winning is everything and if we are winners then the crowds will come flocking back.

    • zxcv says:

      I agree Stevie, Also its a better option than Cy announcing he has sold the ground that St Andrews sits on to someone called Mr Sainsbury. How do you feel about 1st div Football now Dave Mann.

    • John says:

      Quite right,if a team keeps winning, the fans will be there in large numbers, whichever division the team is in. In the next 25 years,there is only the top 5 or 6 teams ( Utd. /Man City/Arsenal/Spurs/Liverpool/Chelsea ) who have any hope of winning the prem.,because they are so far ahead,financially,than every other club in England.

    • Ali Duncan says:

      It also depends on how the new owners market the club. Look at what Gold, Sully and Kazza did. We were around the 12k mark when they came in if I remember rightly and just three seasons later we were averaging c.18k. If the owners and it’s marketing team can capture the imagination of the fans and bring affordable attacking football then we can progress.

  • Semaj says:

    I’d rather buy a ST in league one under new owners, than 1 ticket for a game under the current owners.

    DELAY NO MORE!

    • Monty says:

      Totally egree I’ve had the same feelings for the last 18 months I’ve missed watching blues dearly,and I guarantee you this I’ll be first in the queue for a season ticket the second the club is sold I’m sure many others will do the same and the gloomy atmosphere will move from St Andrews to a certain prison cell in Hong Kong where you’ll be able to hear the nightly screams of a certain hairdresser (mind you don’t drop the soap carson)

  • TracyKRO says:

    At the start of season people was saying about administration and I admit I didn’t thing it would happen, for the ones who have stayed away cause they wanted this to happen, should come back in there thousands cause they might get their wish.
    All I want is these clowns out of our club – Sell our club -administration, Court case what ever it may be.
    DAN
    when I was at Bolton match I was talking to a steward and fan, they have never heard of the BLUES TRUST, just shows how many of the 13,000 fans who attends have ever heard of these types of groups and what they are trying to do. Maybe hand out leaflets about themselves etc
    SAFE JOURNEY DAN

  • dave mann says:

    wont change my opnion on 1st division football zxcv, it stinks and weve been there before
    under barry fry and that was bad enough, mr sainsbury has as much chance of buying the
    st andrews site as i have buying a vile season ticket, it wont happen so dont even go there
    with that one.KRO.

  • The Francis Fake says:

    I think relegation will be a disaster and could effect the likelihood of getting decent owners if things drag on to next season. If we go into administration this season I think we will need top 8 form from now until the end of the season to get to a point where we could afford a 10 point deduction. I would think 55 points is a minimum tally required. I think this sort of form is beyond the current squad, therefore, the only way could stay up following administration is if it occurred sooner rather than later so that new owners had sufficient time to enhance the squad. Administration, from say January onwards would surely send us to Division 1.

  • StaffsBlue says:

    I agree with all your points FF, except the points. If we need to get 55 points… that means we need 44 from 99. Surely not beyond us?

  • Eamon C says:

    Dan thanks for the update. I am starting to wonder if PP has agreed a deal with GP as a backup but CY still thinks he will get off so for now will not accept it. I suspect if he goes down or admin is close the deal will be done.
    With regards to the ground Birmingham City Council have not helped protect St Andrews and I suspect the final decision will be not to make the ground an ACV based on legal issues. Birmingham City Council have recently said they need to build thousands of houses in Birmingham over the next few years, the current St Andrews site would accommodate many houses, so the current owners may well find buyers for the ground if they decided to sell and would you trust Birmingham City Council to save the site for football.

  • bluenoseb says:

    Has he been in court today ?

  • AuldBertie says:

    Well if it is admin, and almost certain relegation to follow, lets see how many of those who cite our current owners as their reason for not attending home games this season return when they’ve gone. I don’t expect to get caught up in the stampede.

  • burntwoodbl says:

    Sorry guys I can understand why Carson wont let go – why should he?
    He paid alot of money for the club so why sell it for a song, I think if I was in his position I would do the same…

    If it goes to administration then so be it, but I dont think Carsons associates will let that happen, lets be honest theres also been finance available albeit for loan players (and Caddis)when required.
    If the worst does happen then administrators will have to ensure that the club will be sold (if wanted) to the best consortium or buyer rather than to an only bidder, (who like most succesful business men wants something for nothing and certsinly isnt prepared to pay the going rate.
    KRO

  • Bluenosesol says:

    Looks like Yeung has made it to the Washington Post, with good observations on the fan base reaction!!.Almajir’s update is eagerly awaited, looks like Carson is beginning to gasp for air???
    http://www.washingtonpost.com/sports/dcunited/self-made-millionaire-or-money-launderer-competing-portrayals-emerge-at-yeung-trial/2013/10/28/2f5edb2a-3fb1-11e3-b028-de922d7a3f47_story.html

  • james says:

    Im a little confused… CY wants to sell
    25 percent of the investment vehicle which
    Owns bcfc? The fans consortium should be
    Looking at the possibility of raising this cash
    Isnt the ceo an accountant? Personally i would be
    Looking for local businesses to invest eg land rover
    The jag etc. Id also be looking at links being forged
    With all areas of the west mids to create more of a
    German model of a club.


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