Often Partisan

End to BIH Accounts Delay in Sight?

In a further announcement to the Hong Kong Stock Exchange, Birmingham International Holdings have confirmed that they hope to have their long overdue accounts issued by March 31 2013.

The announcement confirms that auditors JH CPA Alliance are well into the work required and hope to have a preliminary report to the BIH board by the end of February. This news is welcome after Mr Pannu’s disclosure to Tom Ross that the accounts may be necessary to sell the club.

JH CPA Alliance have been on site at St Andrews for the last week or so and have been in discussion with staff and auditors.

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35 Responses to “End to BIH Accounts Delay in Sight?”

  • John Uppal says:

    Well it’s a step in the right direction.

  • Atahualpa is a BlueNose says:

    It’s becoming clearer that without the accounts there will be no new owner/investor, and perhaps any current interested parties are waiting until they (the accounts) are fully sorted before making it official. It doesn’t take a sage to guess that they are not gonna be that healthy but at least it all shows that moves are afoot to try and get the club into new ownership and this is what is most important.

    If we do not get the adequate funds raised by player sales, it will be interesting to know how PP and CY can try and continue to stave off admin which will mean taking a considerable hit on the original investment.

    This all points to possible new HK owners and the key may lie-in the fact that PP is determined to get the shares listed again.

    Testing few months ahead but we may just have ‘good times’ around the corner…..

    One thing is for sure, PP and CY will never be welcome at BCFC ever again me thinks.

  • Boozy Blue says:

    Atahalpa you can say they never be welcome but they own and run the club make now mistake about it they hold the power they make the decisions, we can try to influence them but we have little power.

    Just loook how hard it is to get answers to basic questions

    • Atahualpa is a BlueNose says:

      They may own the club but I do not believe they are running it (some might argue they are even ruining it). Also they are probably in the latter stages of their ‘reign’ and will not be owners for much longer I would say.

      But you’re right Boozy, we hold little sway or influence with their decision making. Maybe if we had, some of the mistakes would not have occured and we might not have found ourselves in the precarious position we are now in.

      I remember PP specifically making a comment when they took over from Sullivan and co, that he realised why Blues fans had grown tired of the communication channels between the then Board and the supporters and he was gonna change it around to better reflect the relationship between the two. What utter codswallop.

  • I roth says:

    How much more bad luck can we stand. Is there ever going to be some good news.
    Feel for Carson, bet he wishes he had never seen the club. He stands to lose a fortune.
    Zigic could help by moving on.

  • LJ18 says:

    OP, apologies if this has been covered but do you have any idea of the amount of money we need to finish the season? I’m assuming that its more than the £6mil that was supposedly offered for Butland before this season?

    • Woodlands says:

      Next tranche of the parachute payment is due by end of January – gives £6 mill to get to end of season unless it is diverted to BIHL

      • almajir says:

        You sure the next tranche is that much?

        • LJ18 says:

          I didn’t consider the parachute payments. Don’t we get £16m for the first 2 seasons following relegation then £8m for the following 2years? I’m sure i read that the £16m is split in half & paid before season starts & in january?

          Surely what we need to finish the season is not more than £8m?!! What am i missing?

          • almajir says:

            The payments aren’t split in half.

            I’m not 100per cent but I’m reasonably sure we’re only due around 2.5mil at the end of this month

          • LJ18 says:

            Why such a low amount? we’re in our 2nd season in the championship so we are due approx £16m. Can the club determine how much is paid throughout the season?

          • almajir says:

            LJ

            We are due approx 16mil over the season – we’ve already had £13mil or so in the first lump sum.

            The club has no choice in when the money comes in – that’s down to the PL solely. The PL can also direct it to pay football debts if necessary.

  • Masaccio says:

    Would anyone buy a new car without checking it out first. The accounts will give prospective buyers a transparent view of the club. Probably beter than the information they got from the Board.

  • James says:

    Given they have been delayed 4 times (?) I’d recommend anyone with a weak heart to look away come the end of March.

    Constant delays, an MD on 630k, an Arbroath striker (WHO?) who we cannot afford and the crown jewels just about to be sold, these accounts will make very grim reading.

    I can only hope that once they have been released, someone somewhere makes a bid and kicks these (alleged) chancers out of our club

    KRO

  • Support your club - Don't go down he says:

    I forecast that these accounts will be dynamite and tell us the story we think we know.

  • Louise says:

    I’ll believe it when I see it!

  • Dave says:

    Hey, it could be worse… we could’ve been denied a trip to Wembley by a League 2 side last night :)

    Is Robinson signing a new deal or have SSN been making stories up again?

  • daddybluenose79 says:

    pannu a suspected bent copper who is miraculously cleared of all charges thrn takes a nice little payoff from our clubs finances replaces competent well respected auditors who dont pass the accounts with some new kids on the block who suddenly are gonna pass them and anyone thinks that theyll show us anything ha and pigs will fly.

  • DoctorD says:

    We know what the BCFC accounts show so any difference between them and the BIHL accounts will be key. It ought to be fairly easy to work out what’s going on, given that BCFC is the main component of BIHL and we know about the XTEP deal.

    They won’t make great reading but I am not sure how many massive surprises will be in store. More pertinent is how we survive for the rest of this season.

  • Paulo says:

    So how come these new auditors can attack the accounts in question ..and plan to have a preliminary report complete at end of February? Especialy when the previous auditors could not do them, for reasons including the Xtep deal. It’s a little confusing, or am I missing something?
    Although I have to say, the mere statement of the accounts ‘may’ be needed for a sale is priceless. However, it is a step in the right direction. Although that direction is still unbearable right now.

  • Woodlands says:

    I think you have to remember that Pannu has only had full control for a couple of months that has lead to new Auditors and a flurry of activity. This activity will be directly related to his sale strategy – potential bidders need clarity

  • GoodyBlueShoes says:

    “that the accounts may be necessary to sell the club.” How strange. . . so many companies are sold without accounts being seen. NOT. Doh!

    Still fully believe our “Friendly Solihull Buyer” will be on the fringes with checkbook in hand come the day. £14m will be about right at that point.

    • DoctorD says:

      Yeah a cheque book sounds about right. After all, you can’t cash a cheque for anything more than £50 these days can you?

  • vendeeblueRoger says:

    A misprint in the HKSE announcement ?

    Why announce accounts for the years ended June 2011 and June 2012 followed by the interim 6 month statement for the period ended 31 December 2011 ?

    I think that should be 31 December 2012 .

    • Gary R says:

      Must be a misprint as it would be completely out of order and wouldn’t make sense at all. Are misprints in these kind of documents unusual?

  • Mark Y says:

    No doubt the finalisation and release of the accounts are a key factor before a sale can go through. I believe CY needs a sale to go through to help his personal financial position and may need the funds to support his legal fees and this is why I genuinely he and PP will try to resolve this issue. If the accounts are released when they predict we will then be near to the revised court date and I am sure this issue is influential as far as proposed purchasors are concerned as will the league status of the club at the end of the season. All in all I don’t see the possibility of a sale until the end of May at the earliest.

  • Bluehobba says:

    Will PP be returning soon with a prospective buyer now the accounts are nearing completion.

    That is the question !!

  • Stephen Carr's hairdresser says:

    Remember that prospective buyers are buying Blues, not the holding company. The accounts for BIH will not be massively interesting to a buyer. If they do their due diligence properly on the Blues company they will be able to see where money is passing to BIH. Basically, in terms of takeover this doesn’t excite me at all.

  • KeepRightcroydOn says:

    Don’t hold your breath.

  • Tony says:

    Steven Carrs Hairdresser omg this site can always raise a smile,plus the vile lost and are out of the cup, things aint all bad after all

    • Stephen Carr's hairdresser says:

      :-) And thank you Bradford for making this season a bit less painful than it could have been!

  • chris says:

    Needing the BIHL accounts before Blues can be sold is another stalling method by Yeung, just like his trial.
    I doubt the accounts are needed for the parent company when buying a subsiduary, it may help cross referencing, but not essential, as i presume the accountants and directors of BCFC and BIHL, would be legally liable if something cropped up after the club was bought that wasn’t divulged in BCFC’s accounts to new owners.

  • jan says:

    peter smith was at birmingham courts today,for ripping bcfc off for £63,000 how,s this happend

    • almajir says:

      The case is sub judice, I guess we’ll have to wait and see

      • jan says:

        thank you.your site is excellent,thank you for all the work you put in.we are trust members no.11&12. and will be attending the meeting,lets hope for lots of support


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