Often Partisan

BIH Announce Changes

Birmingham International Holdings have made a massive announcement to the Hong Kong Stock Exchange outlining proposals for an EGM and for the relisting of shares.

The announcement can be read in full here.

Please be aware that I’m in no way a lawyer, an accountant or a stockbroker and as such that you should read the announcement for yourself to come to your own conclusions.

I will be putting together a video piece about this for this evening – please email your questions to almajir@oftenpartisan.co.uk and I will endeavour to answer them.

So what does this all mean?

As announcements go – this is the big one. This is the one which announces the changes necessary to remove Carson et al from control of BIH and to install Paul Suen and Trillion Trophy Asia in the box seat.

As I’ve said for a while, relisting the shares has always been conditional on the HKSE approving what is to happen. The announcement confirms that on May 31, the resumption proposal was confirmed on two provisos – completion of the Proposed Restructuring with the public float address and the publication of the revised 2014 accounts.

What that means is that the HKSE will not allow the shares to be relisted until the amount of shares in circulation – and in particular the amount held by ordinary members of the public is sorted. If not enough different people hold shares in a company it can cause problems with share prices and the HKSE have decided that needs to be addressed.

Likewise, the regulators wanted BIH to republish the 2014 accounts to address the issues caused by the alleged misappropriation of funds.

Okay – what does that mean?

Firstly – the restructuring.

I’m not going to lie, it’s difficult to understand and I’m struggling with it. I think the most important thing to understand is the outcome which would be that once everything was completed, Carson will own at most 7.48% of BIH, his brother-in-law Wang Lei will own at most 6.44% via his U-Continent vehicle and Paul Suen Cho Hung (who is now officially named as the man behind Trillion Trophy Asia) will own minimum 60.78%. As that figure takes him across the 30% threshold for a mandatory general offer I’m guessing there will be more to come on that front.

Secondly – the loan made to BIH/BCFC will be paid off mostly by the shares issued to Trillion Trophy Asia.

When will this happen?

The EGM is expected to be confirmed around the end of June to be held on July 22.

The date all the changes to go through is expected to be September 12.

Shares to be relisted if everything goes to plan October 27.

This roughly matches the timetable I had been talking about on here and as I thought means that there is a little way to go for the job to be done. However, what is pleasing is that now we know all the steps and we can see just how much work needed to be done to finally end Carson being in power.

Does this mean there is a large amount of transfer money to spend?


Okay – this is the exciting bit. To quote (and emphasis is mine)

…the net proceeds from the Open Offer and the Subscriptions (after deducting the estimated expenses) will amount to approximately HK$264,362,000. It is intended that as to approximately HK$120 million will be used to satisfy the annual working capital requirement of BCFC for part of season 2016/2017 and the entire season 2017/2018, as to approximately HK$24 million will be used to finance the expenses incurred from the operations in Hong Kong and as to approximately HK$120 million will be used to, when considered appropriate, acquire additional talented players who are expected to make contribution to and help enhance the competitiveness of the team significantly so as to assist the team to reach the goal of being promoted to the Premier League in the future.

What that seems to be saying is that around £10.6million or so will be used to keep the club going over the next 18 months while a further sum of around the same amount of money will be used to bring in players. It’s important to understand that doesn’t mean a £10million transfer fund; that means £10million to pay for everything – transfers, wages, the lot.

However, it should mean that Blues might have a bit more competitiveness going forwards in the transfer market.

There is also confirmation that there is no plans to sell the club on within 2 years – the detail of that makes me think that after that period… it might well happen.

So what next?

The next thing to watch for is the EGM announcement – which will confirm that everything is in motion and who the new directors will be. This should be in about three weeks time – however, take heart – this is truly the beginning of the end.

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136 Responses to “BIH Announce Changes”

  • Ian Dutton says:

    Thank you for making sense of it :) KRO

  • Max says:

    Cheers for the understanding of it all, will this £10 million be available for use straight away or would we have to wait until January? KRO

  • Mitchell says:

    It seems the amount of money earmarked is roughly the same as last season but the big difference is that we are becoming stable. Stability will hopefully ensure our Championship status remains intact until such time that we are able to launch a serious promotion bid-which will realistically could be 2017/8.

  • peter says:

    Lets hope it all goes well at the egm hope we can be more competitive in new season looks like clubs future secure like the statement that trillion trophy have no plans to sell the club for two years we couldn’t put up with more uncertainty future looks a lot better kro

  • Lee says:

    Dan, does this mean tta are buying up shares from Carsen and co, or is Carsen relinquishing shares as payment for the loan, or should I say, who in bihl is giving up the shares as payment for the loan?

  • ROB says:

    what a great start to a day positive news from HK .
    Thanks for the piece you have put together

  • Deb P says:

    Thanks Dan. Appreciate your hard work to keep us informed !

    Light at the end of the tunnel at last !

  • Paulo says:

    Superb news. The big one. Thanks for keeping us informed. Thanks to Panos ( hope he stays on ) and all the grafters at Blues. Roll on next season KRO !!

  • bluenose says:

    So with the loan being paid off does this now make St Andrews more secure? Wasn’t the loan given with St Andrews as collateral?

    • carlos1875 says:

      Is st Andrews safe now or are the loans tied up with the ground as security that is a big worry as this is our club with out the fans there is no club with out the ground there is no fans owners come and go fans stay loyal

  • Paulo says:

    Al, i know Paul Suen but who is. Sue Ka Lok?

  • Blue tsunami says:

    Thanks Dan, seems you were spot on. You must have some pretty cool connections out in HK. As the two main problem people have been removed one has to hope it’s now a much more straightforward process. The transfer kitty looks healthy and there will be a bit more as we’ve got rid of a few players recently with a few more to go too. Personally I think we will have another top ten season, flirting with the play offs.

    • David myers says:

      Top 10 my ass our goal is promotion last year Top 10 was good enough for me we are getting new owners September 12th and they want us back in premier league i can here it u know we aint got the money for promotion well we have now lets get out of this league and like the owners said premier league 10mill is good enough for me have the some fath

  • ChrisG says:

    Thanks for explaining everything so clearly Dan. I hope when they announce the directors that Panos is one of them, he has already become an integral part of BCFC. He’s a popular guy & I think the future of blues would be even better if he was still a director.

  • GBBlue says:

    Just need Paul Suen to appear on CNN and provide linkage to Harvard and we are saved.

  • ian says:

    Needing new builder at Main Stand Look old shit empty there peoples and bring new player centre half, strike and midfield… Newcastle, Derby and another club will spend new player over £25-30M player…I thinking so Blues no chance top and play off 2016-17…Good luck to Gary Rowett COME ON THE BLUES!!!

  • Bluenosesol says:

    Thanks for the update Dan which proves as always you are on the ball! TTA are clearly in this process to make a few bob. I wonder if they are gambling on getting promotion in advance of selling on the club to the highest bidder or are they working long term on behalf of a buyer known to them? My concern is that a few million here and there wont cut it, when we hear stories that teams like the Vile have a £50m transfer kitty, we cant compete with that. My hope us that TTA do have a wealthy buyer waiting in the wings and that once they take over, then we will have transfer funds on a par with the best. KRO!!

  • jim smith says:

    Can you work out what Blues would cost to buy in due course. Villa were apparently £60/100 m.

  • Masaccio says:

    In the UK AIM listed companies have to adhere to Rule 26, one of which is states that they list the significant shareholders (over 3% holding) the number of shares listed and the number of shares not in the public hands. Not sure why all stock exchanges don’t use this?

  • StaffsBlue says:

    “… HK$120 million will be used to, when considered appropriate, acquire additional talented players…”

    When considered appropriate? By whom? Will it be by businessmen or by football men? Will Rowett get the money, or do they have someone else in mind to spend it? Or am I just reading too much into that bit? lol

  • williammorgan says:

    Well done Dan , but I see no reasons to be too cheerful whilst CY and co are still there , and I believe the Canadian consortium offered £15,000,000 for players per year , to get better players we need higher wages and transfer fees to avoid auctions every time we try to buy , £10,000,000 for everything at Stan’s .surely TTA are not still thinking of blues acting as poor relations to Villa . Unbelievable …

  • Hillfield Blues says:

    Great stuff Dan and great news.The surprising thing for me is that they do not want to sell the club on within 2 years.Does this mean that TTA are showing a genuine appetite for owning a football club as opposed to it just being another business to sell on at a profit?

    • swissjonny says:

      Hillfield this bit caught my eye too. I dont know but maybe there is a tax or compliance issue that needs the 2 years to expire? Either that or they fancy having a punt for a couple of years and hope we get promotion and therefore really ring the bell financially. Seems very odd.

    • John says:

      I think it might be because it’s going to take that long for TTA to find/sort a business to put into BIHL, which it needs to do to maintain HKSE listing, before selling BCFC.
      Very positive imo because it won’t lead to a quick sale to another con-artist and will lead to a period of stability which, if results go well, may entice correct wealthy bidders, especially if we get promotion. Buy at c.£35m-£40m including expenses, but what price could they get for BCFC in the Premier? £100m?
      Great they are giving a £10m transfer kitty, although that must cover everything including wages/agents fees etc. What it shows to me is that TTA have a vested interest in BCFC being successful so that it can get a higher sale price, and that they have allowed 2 years for Blues/Rowett to achieve that success. It wouldn’t surprise that if Blues were doing well, or needed extra players, that the transfer kitty would be increased, as they have already done in the past.
      Great news all round.

    • Tmsblues says:

      Not necessarily, it means they have two years to broaden the business elements of the HK exchange BIHL listing otherwise they would lose the listing they have been after for so long because it’s only asset is blues at present. Selling blues would leave nothing in BIHL . Trillion want to keep the listing and probably sell blues for £37m and that’s how they’ll make their money and if we make the premier league they hit the jackpot for £10m all in investment in new players !!

  • Royinamillion says:

    Before we all get carried away isn’t there something called the ‘Right and proper person’ standard Football league requirement still in the way of any change of ownership? Look at the Villa situation if you have any doubts about this being a mere formality. What do we know about this Paul Suen Cho Hung? what’s he worth and has he ever watched Blues play? I’m not sure it will be as easy as some of us appear to think.

  • DoctorD says:

    Dan – what’s all that talk in the circular about “whitewash waivers”?

  • Andrew says:

    How do we know this Suen bloke is not Carson mark 2 ?

    • almajir says:

      see previous answers.

    • John says:

      One of the few facts we do know about Suen is that he has a minimum wealth of £75m in listed shares on the HKSE plus the money he has already put into BIHL/BCFC, which altogether amounts to £100m+. Which is approximately £100m+ more than CY had when he took over Blues which was all on borrowed money.
      The £100m is a minimum and I’m certain that he has much more wealth than he had to compulsorily declare in today’s document.
      TTA/Suen’s aim is to make money out of the deal and to shuffle in another company to maintain HKSE listing. That is good for Suen and for Blues. The better Blues do, the more money Suen makes when he sells in 2+ years.

  • Agent Abonglahor says:

    A chink of light from a very dark tunnel.

  • zxcv says:

    Dan At 60.78 % of the share holding Paul Suen will be installed as the new owner just the same as Sullivan was with the holding being over 51% not just makes him a major s/holder and not just a Majority S/holder for that matter, it makes him outright owner.

    • bhamcityjulian says:

      He’s a majority shareholder because he has more than 50%; he could be construed as a major shareholder if the 60% is far more that the next few highest shareholders; He is not the owner because does not own 100%.

      I stand corrected but that’s my take on it

  • BluesFan100 says:

    Dan as you say this is the big announcement.

    I don’t think anyone is going to weep for Carson being diluted away and having no future control but I do have some sympathy for all the independent shareholders of BIHL who will be diluted down and who have had their equity trashed by this. They deserved better and they are clearly the losers in all of this.

    From the clubs perspective I am afraid I don’t see this as great news. TTA wanting to keep the club but with no plan to raise the level of finance that will be needed for a credible challenge to the Premier League condemns us to mediocrity. We all know that the teams from the PL are now coming down with massive parachute payments . I can only believe that they have this two year view in order that they can find an alternative business to use the listing, time that the club can ill afford if we hope to return to the big time. I would have hoped Panos would have been making this point forcibly but I fear that he has little sway with TTA and ultimately has seen bringing EY in as a way to protect his position. TTA and EY have played this really well and both will have been compensated hugely for their time.

    Oh and Dan not sure where you got the £37million price for us – but that is pie in the sky. Even above EY’s valuation last year and since then we have sold assets

    Finally – has there been any news about where the missing money went – I thought this was one of the things the court had asked EY to resolve or should we assume that this is part of the settlement agreements with CY, U-Continent and Pannu.

  • Mitchell says:

    As regards players which is the main attraction for us fans-the £10m. has to see us through for next season. My reading of this as per last season is that this money has to be used for everything to run the club as well as the additional players. If we maintain a decent position by Xmas then it could get a bit tasty come Jan’17. In the meantime,our squad is still akin to the lower reaches of the Championship.the main difference is that we appear to have that precious word-stability.

  • zxcv says:

    Ps. It would be deemed he has already made the offer when he acquired the 60.78 %, maybe within the restructuring.

    • zxcv says:

      It would of course still depend on the S/holders to vote in favour for the executive directors to grant rule 21.6 to be white washed which would mean Paul Suen not having to make a mandatory general offer.

  • Richard Granfield says:

    I hope this good news motivates fans to buy or renew season tickets.

  • jim smith says:

    Sp Paul Suen may seek to hoover up all the shares, and then maybe sell in 2 years time. Villa were I think £60m in championship, price rising to £100m in premier league. I wonder what the Blues figures might be.

  • williammorgan says:

    So we have about £7 million per year to run the club , and 10.6 million for 4 new players and their wages which for decent players would be around £1 million per year each at least , so that would be £6 million for wages in 18 months and £4.5 mill for transfer fees , I just hope we don’t take on a load of 30 year olds as getting to the prem is one thing, staying there is another . KRO

  • Lichblue says:

    First time I have felt this positive in a long time. If TTA kept us until they got is in the Prem they would make a fortune. I’d be happy with that if we actually got promoted in the nex couple of seasons. I think this season we may just scrape the play offs. On another point thanks for all your hard work Dan. It is greatly appreciated.

  • bhamcityjulian says:

    Very good news for all the obvious reasons.

    To those of you, like me, who think £10m fees and wages for new talent to get us promoted is not enough, just remember that this is a public document. Therefore if the intention is that this could be higher, it is best not to make it public knowledge. It might be good for the ego and give a short-term fiilp to everyone, but is not a good idea when negotiating transfers.

  • Waycoolblue says:

    Fantastic Thanks for the update.

  • Asif says:

    I think we have done well in the few years not spending money on transfers. Dont need to spend millions for success. Rather the club run better financially

  • AdamTrueBlue says:

    If you had £100 million, how much of it would you spend on a football club like Blues? If I had that money my heart would rule my head, and we know that CY was a gambler but Mr Suen seems to be more shrewd and I can not imagine him investing even 30% of his hard earned money, especially not on a club the other side of the world playing a sport he may not be interested in, So he will keep us afloat until we can be sold for a profit to swell his bank account, I hope I am wrong I would love to see him in the stands next season supporting a blue and white scarf and even better a trophy..I am just gratefull for his part in removing the cancer.

    • StaffsBlue says:

      He could also ‘speculate to accumulate.’ A few million spent now could lead to untold millions if we reach the Premier. What better time to sell.

  • williammorgan says:

    I did read a while back that football was one of Paul Suen Cho Hungs interests among other sports …

  • zxcv says:

    Well Panos has commented that he is in contact with them during games telling them how the game is going ext so they must have an interest.

  • Bluey says:

    Why are there no plans to sell the club for at least 2 years? I thought the idea was for TTA to offload BCFC as quickly as they could once they`d gotten what they wanted ie BIH and it`s HKSE listing. I`m a bit disappointed by that.

    • almajir says:

      You’re disappointed they want to make a fist of running the club?

      Bloody hell, is there ANYTHING you’re ever positive about?

      • Bluey says:

        Shut up and listen to other views Dan. These people have no plans to sell the club for 2 years. So why are they holding on to it rather than selling asap? Blimey try to have an opinion on this blog just ain`t allowed.

        • almajir says:


          Not understanding your point. You said you were disappointed they weren’t selling it on immediately, I said how can you be so negative…

        • bhamcityjulian says:

          Bluey. Firstly they are not ‘these people’. They don’t want to sell the club within two years because they’ll lose the stock market listing. While they are running it that want BCFC to more successful so they can maximum the sale price. Treading water as a mid-table and then asset strip is not going make them a profit

    • zxcv says:

      Bluey, go get your self some anti depressants mate. fgs.

  • Graham says:

    You will see them match days if all goes to plan, by that I mean occasionally at first, perhaps1-2 the first year.IMO

  • Dave Mann says:

    Yes it was very good news this morning and the club as stability and something positive to look forward to but as zxcv as mentioned it’s £10.6 million pounds over 18 months so that’s three transfer windows so don’t expect to much of that being spent this summer but maybe a bit more come January if we are in the mix but in today’s market its not a lot but it’s better and that’s something ………will be very interesting though if all those ” Ime not going down while carsons in charge ” fans start coming back to stans wont it .. God blimey we will have 25,000 plus at every home game … They are having a laugh because as usual another excuse will be found not to go but hey that’s not my problem thankfully so expect the usual 16,17 maybe 18,000 gates next season except ofcourse for the Vile and the dingles when we might break 20,000 …….. Roll on August 6th . KRO

  • Royinamillion says:

    Thanks for the reply regarding ‘right and proper person’. TTA and Paul Suen interests are now clear: buy cheap sell dear. Blues have languished for 5 years in this div. and if they somehow get into the Premier League that will be the time to sell. Was this really the best offer if so the others could not have been that good.
    There’s no point lamenting what might have been, we’re stuck with it like it or not and we just have to hope that TTA keep the promises they have made.
    10 Million quid should get us 3 or 4 decent players which may be enough to replace some of the weaknesses in the team, however let’s not forget some of the young talent we have especially Ronan Hale. He should definitely be elevated into the first team squad as he knows how to score goals and that’s what we need.
    Fabrini needs to be in the team from day one and the team built around this kid who on his day could be the best in this league.
    Let’s hope

  • williammorgan says:

    I have a strange feeling that Paul Suen and Daniel Sue , have come to a period in life where they need a new challenge in life where they need to mix business with pleasure , theY have conquered challenges before them now the premiership is before them , failure is not a question , if in 18 months they are doing well I believe they will go for glory ,,if not they will sell without loosing face …we are on our way , Paul Suen and Daniel Sue let’s see what you have got , are you good enough let’s see your wares , we have a dream ………KRO

  • Steve in Yorkshire says:

    Best birthday present I could have wished for today! Cheers for your continued efforts Dan.

  • Eric says:

    Dan: I want to thank you for your continued reporting on the Birmingham City fiasco over the past few years. As the responses on your log prove, you are helping inform Blues fans from across the world – I am from Victoria, Canada and grew up in Coleshill. As I said before, I am hoping that the year 2017/18 will be a serious promotion chase. The club is in good hands and thanks to Panos and a great manager and staff we can look forward to a good year ahead. Thanks Dan and please continue to keep us Bluenoses informed.

    PS I hope the so called fans of Blues and Villa that cause riots and keep families away from football get locked up and never attend another game.

  • zxcv says:

    I personally would like to say the best thing to happen to our club was the day Panos and the few other directors called on the courts to sort this whole bloody mess out and that fell to Ernest & Young who in my opinion have done an absolutely fantastic job in getting any sort of result from this rotten mess it was in. and lets not forget its only been just over a year since the two year diligence deal was done with TTA so not so long as we feared. Excellent work E&Y.

  • williammorgan says:

    To true zxcv , I also wonder how much the Chinese government influenced the outcome of our turmoil fore the sake of east west trading and relations , even though HK are Expats ,Thanks if they have ……

  • Tony says:

    Had a wistful feeling we may have been sold to someBIGGGGG money people i.e. Man city oh well back to reality.

  • FellowBlue22 says:

    I tried to read the 60something pages of the announcement when I got the email but alas id had a few beers and couldn’t make much sense of it. Thanks Dan for the breakdown of what it all means. THE FUTURE IS BLUE! KRO!

  • williammorgan says:

    We will have to use plan B Tony and get to Europe through a cup final again…bring it on ….

  • Blue is the color says:

    10M is much better than 0 lets see what GR can do with a bit of money to spend.

  • WoadY says:

    out of interest, what do you think the chances are of Panos staying on at BCFC once the club has been sold? I think hes actually handled himself really well since being in charge and wouldnt be against him carrying that on. he does genuinely seem to want to do whats best for the club

  • Blue Eyed Boy says:

    Almajir,with your apparent knowledge of what has been transpiring over in HK do you/anyone have Head Office/Registered address’s for the 2 new owners? This needs to be clarified.
    I agree with Mitchell lets keep a realistic head on all this,yes its great news that we have new owners(even better when its rubber stamped by the FL) and the long term future looks so much brighter,however £10m is for transfer fees and salaries and based on the spending power of those that have come down from the PL plus Deby,Sheffield Wednesday it may pale into significance?A more likely possibility will be the play off’s at best whilst we rebuild a more solid future
    Lets just take one step at a time and celebrate the long term future and not get carried away with the Villa,I mean Fairies!

  • Mitchell says:

    Very interesting to see what players now come through the door. If Toral could be brought back on decent wages and a player or two purchased for respectable transfer fees or stable wages for out of contract good players.-then we will get to know much about TTA/Wealthy Associates Ltd. Not expecting the earth but a little indication of whether we now have quality landlords.

  • Andrew says:

    Well done for reporting this

  • Bluesy6 says:

    WoadY When we look at the way Panos talks about the Blues, his interaction with those in HK he always refers about the Blues as we, us, our, the future is blue, etc, I dont think those are the words of a man going anywhere soon, his work has been done with him being involved in the long term future redevelopment of the club. I for one hope he is around for the long haul he has been brilliant for the club.


  • DaveP says:

    As a famous man once said… “It will be over by Christmas…”

    £10m plus anything we get from proposed Redmond transfer? After the past five years of wheeler dealings it feels like we’ve hit the cowing JACKPOT! :D

  • Art says:

    Grest news Dan.

    Many thanks for being the supporters “Eyes and Ears.”

    Here’s to a more brighter future.

  • Blue Steve says:

    So is the 10 million budget for fees and wages available from the June 2016 transfer window or the January 2017 window?

  • David myers says:

    Ill tack 10mill all day give gary rowett some of that money in the January window who knows what play rowett whould get us great manger i mean at least we got a bit of money to spend so im happy and like the owner said promotion is the goal not top 10 promotion come on guys this is it lets get out of this league been in to long if the owner says promotion the goal we stick to anyway shit on the villa kro

    • Royinamillion says:

      10 Mil is just a figure. Derby spent over 30 Mil yet we stuffed them 3-0 at their place. Villa spent 40 mil and ended up with their worse team in living memory.
      1.5 Mil for Fabrini is a snip for arguably the most talented player in this div. How much would Cotts cost today or Keiftenbeld, Magoma and Donaldson? And how much did they actually cost? Nothing. Maybe get Toral for another year or another promising youngster or two on loan. Getting top class players to come to the Championship is a waste of time so I would say 10 Mil. can buy us soem of the better players from Div 1 or 2 that can fit into the team and improve it. Makes more sense to me than buying a player like some of the rubbish that Villa bought last year.

    • John says:

      Here Here………

  • bhamcityjulian says:

    One thing we don’t know is his management style and how patient he is. Preparing for taking two seasons to go up suggests he is not prepared to buy promotion. I guess he would get more satisfaction from seeing if a prudent approach worked. I do think however he is not best pleased with the January transfer dealing which was largely wasted money with regard the loans, so that has been addressed by bringing in Ewan Chester to help find players and to act as a ‘critical friend’ to Rowett

  • bhamcityjulian says:

    If Gary’s managerial methods are being inspired by Brian Clough it could well be that he got a raise out from Panos by bluff; the Fulham / QPR job might just have been hyped up. Cloughie used a supposed Coventry interest to get more money out of Sam Longson.

    If Gary really did was Ewan Chester maybe that is for him to be his Peter Taylor. “Please, please find me a left back”

  • Graham says:

    I think Ewan has been on board unofficially for a while b4 his appointment, just a thought, but homework could have been done already and due diligence on player character, etc.Just my opinion.

  • […] not going to write a full article because my friend Dan Ivery has done a brilliant job on his blog Often Partisan. Although this isn’t everything done and dusted, as Dan says in his article, it is the […]

  • Brumbie says:

    It’s good to know we will.have some money to bring some new players and a good manager to spend the money. The problem is we are competing with clubs who regard 10m as peanuts clubs like Newcastle and Villa will have lots more available and have parachute.money also. They will have far more revenue due to much bigger crowds and shirt sales ect making it very difficult for the other clubs to compete. Money rules the game now if you have it you have a big advantage but we just have to accept that’s the way it and hope for the best. The big clubs dominate because of their finances the game has changed because of the sky tv money, sad but true

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