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BIH Announce Profit Warning
Birmingham International Holdings today announced to the stock exchange a profit warning for the latest set of accounts.
The announcement confirms that the company has made a loss for the year ending June 30 2013 and attributes this loss to player registrations.
The accounts are due to be released at the end of this month.
We clearly need to sell more players then.
Obviously we need to shift Ambrose, Mullins and Lovenkrands and eventually ( next July ) Zigic.
But remember those accounts include Davis King Caldwell Ibanez and a few others. Whereas the players who have arrived will be on relatively lower wages .
We can’t really afford to pay any wages.
Lets not forget some of the highest earners at the club aren’t players Pannu earns £600k plus bonuses for ruining our club,He should crawl back under whatever sewer he came from and stay there!
Oh deep joy the failings of BIH are now roundly at the doorstep of BCFC. THey need a meeting to agree to sell Blues ASAP.
Its gone past being a desperate situation now.
We need these paracites to loosen their grip on the club.
‘the parasites’ that we owe £20 million to and they are entitled to that money back. doesn’t mean i agree on everything they have done or are doing, but bottom line is we are in debt to BIHL.
The one good thing to come out of all this…. is that BCFC is being run soundly…. it’s the owners that are in chaos. We don’t have a pot to pee in, but any future owner shouldn’t have too much trouble getting us back towards the top half of the championship, at least..
Er…..there’s the small matter of actually having the players that are capable of doing this ….
New owners doesn’t mean they or we will have millions to spend.
It may mean just raising the wage bill slightly, but it may still mean we have to sign free’s and loans.
Forest and Leeds being the example of new owners that can’t even afford to sign Burke.
Let’s be honest if anyone is suprised they have clearly been stuck on a desert Island for the last three years!!.
BIH Announce Profit Warning!
I nearly got excited when I saw that. =)
I thought the title was ironic and that it was a warning to read it sat down because we’ve actually made a profit.
You beat me to it lol
As far as I can see they may as well call the Administrator in right now. There is not a dime left to pay the day to day running of the club, or at least very little, and that situation can only get worse with no hope of seeing it improving. I fail to see how the league allow us to continue in this way its a total disgrace. If Carson cant pay the bills whats the point in dragging it out lets face facts and get on with what needs to happen as no one in their right minds is going to spend a penny on buying us when they will be able to get us for the cost of the debt plus a pound. (and that maybe to much). So come on Carson its time to cut and run matey.
As we are all well aware from the trial, Carson is a gambler and will not sell the club until the last avenue has been explored. He may believe that he will be proved innocent and return like the prodigal son to take the club forward but like all gamblers the luck runs out eventually so nothing will happen until the realization finally hits Carson.
It makes me wonder if Carson Yeung actually knows/believes he’s innocent…. or whether he’s just taking a massive risk (at huge cost) on the chance that his lawyers can get him off.
If he is genuinely innocent, fair enough…. but if it is just a gamble and he’s proved guilty, would it not have been better to just plead guilty? Would he get a lesser sentence?
Staffs
To use jail talk your looking at anything up to a treble fistfull here mate 15 yrs, who wouldnt plead not guilty and bear in mind if the judge gives him the thumbs down he has two seperate appeals to go through, expect that to take up ALL of 2014!!
KRO
Des
FYI Appeals would drag on for more than the next twelve months – I’d expect two or three years.
Smudge, Carson is no fool, he knows full well the time has come now and I think if their were a offer on the table of 15million he would take it. I do not believe that due diligence was done by anyone recently at all. I don’t know why he would want to wait till the Tax man cant be paid or their is no money for players wages, whats the point.
In fact whats the point in him Borrowing these silly amounts of money just to pay Zigys Wages, Whats that all about?. Understanding this man is like saying I can solve the bloody rubic cube in 25 seconds.
Another very good point. Why WOULD a potential buyer wait until the Taxman cometh? Makes no sense. But then, the whole Carson Yeung era has made no sense.
Damn! I was expecting BIH to announce healthy profits :-/
Strange they attribute the loss to player registrations, I would have thought that the 22,000 unsold season tickets could not have helped??
Where have you plucked that figure from? I didn’t realise that we used to have over 30,000 season ticket holders for a ground that doesn’t hold that number. You learn something new every day!
Plucked?? Capacity is 30,000. at the start of the season every seat is available on a seasonal basis. We sold 8000 season tickets. (Are you still with me?)
30,000 minus 8,000 = 22,000
Except your figure is wrong.
The max season tickets we’d be allowed to sell is about 21,000 because you have to have some tickets for away fans.
And even that is ridiculous; they will have budgeted for a number and it will be if they’ve hit that number or not. Selling out will not be what they’ve budgeted for.
Almajir, my response was a little tongue in cheek. The point I am making is that the reason the club are making a loss is due to our fall from grace, which is due to many other commercial failures than player registrations! We made a loss because we are dysfunctional! I am not prepared to let the board off the hook by nominating a specific outlay which all clubs have to pay in order to function.
Don’t forget CY only owns 26% of BCFC, so a decision to sell is not his alone, someone then has to persuade the other share holders that it’s the right thing to do. It’s questionable whether the club is worth the value of the outstanding loans to CY and BIH. Someone has to take a big hit.
BIH, Profit. Oxymoron indeed.
comment removed on legal advice
comment removed – Sorry Chris, being careful – libel and all that
Almost thought for a minute that all the stories about our financial woes were a myth.
why dont bih get a loan from wonga !!!!
Now you see it, now you…. see it.
Doesn’t quite fit our owners does it? lol
Even Wonga have some standards
comment removed – let’s not go down the route of talking about religion here.
Is the fat lady starting to sing?
Should be out on stage soon performing the administration song.
The issue is not the profit warning…. the issue will be cash.
Namely Cashflow. In the previous accounts the directors of BIHL have stated cashflow will be ok due to future player sales. Well there is no-one left to go. Even Foday went last month. There is C Burke but there is nothing material to paper over the fact the club is struggling to be a going concern.
Even loans just add more debt onto the b/s and there are no assets to cover extra liabilities (debt).
They will have to sell soon……. well that is logical next step!
Been wondering since last week. If Leeds had offered £650-700k…. would Chris Burke now be at Elland Road?
Yes.
We’d have accepted £600k – it’s been published.
of course he would.
money talks…… since Madiera we all know PP likes money
Could this announcement including “Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company” be a precursor to the re-listing of the shares? Otherwise no-one needs to exercise any caution with the shares de-listed.
Roy – that’s a standard boilerplate that is in every announcement of that nature, regardless.
Commenting on last week’s blog when you turned off comments, the only thing that is non-negotiable and that stands in the way of a sale is the re-listing of the shares. Other matters such as price, repayment of loans and severance payments are negotiable when negotiating the sale of the club.
Roy
2 things – when I turn comments off, it’s for a reason. Circumventing that reason by posting a comment about it elsewhere doesn’t make me happy. Secondly, you’re absolutely incorrect – the shares DO NOT have to be relisted for the sale to go through, as confirmed by the HKSE and written on this blog here.
my concern is that with no players of value any more, the only thing left worth anything is the stadium could that become a sellable commodity?
I think the stadium is mortgaged to the max with HSBC
funny were at a loss but hey ho weve just had 20 mill injected in to BIH you think it might be to help sale or clark m8?
Mayor,how close are we to admin do you reckon?
a week closer since you last asked a week ago?
Or maybe no closer at all.
I would normally say that, why on earth would they hold on and hold on this long… just to go into admin and end up with sod all? They could have got a few tens of millions back last year (Paladini.)
But then, they could have got £6m for Butland this time last year, but sold for half that a matter of months later. You just can’t second guess this lot at all.
Ain’t asked that in ages to be honest,your turning into a bit of an idiot mayor….
Thanks for your comment Mickey.
BTW, still waiting for your answer about what you’ve done to get rid of the current regime that doesn’t include posting on a messageboard or calling Tom Ross :)
Staffs, I think that for CY it is s*** or bust. His only way out is with big money so a “reasonable” offer won’t be accepted.
We ain’t going to get rid of them though are we mayor as you well know yourself so dont asked stupid questions…..And you still ain’t answered my question of why your jumping on the protest bandwagon all of a sudden…..anyway mayor you know what it’s going to come down too in the end don’t you….
I thought Leeds agreed to pay the £600,000 asking price for Burke but their manager Brian McDermott pulled the plug?
My understanding was that Leeds manager contacted LC and asked the price. He was told £600k and said ok we’ll be back and that was the last we heard.
Hi Dan
Is not Quokkasskip at 3.59pm right that cashflow is the determining factor. Do we know whether season ticket sales for 2013-2014 are recorded or held back and whether the Redmond and Butland sales were recorded before or after 30 June. We have no way of knowing if the cash from season tickets and player sales is enough to get BCFC thro’ to the winter parachute payment.
Only money that has come in from before June 30 will be included, so the sales of Davies and Redmond won’t be included and I should imagine a fair few ST sales won’t be either.
Thank you, difficult to try and pick your way thro’ the announcements.
Harry Meadows
@HarryMeadows93
@gloriajjackson Just got an email from a pal in HK says that there has been a deposit into BIHL via a member of BIHL. who knows really! harry sent me this on 7th this month???????? you heard about this m8
Eh?
its for 20 mill
Erm… I don’t want to rain on your parade but I’d need something resembling evidence before believing that.
I mean, a loan for 20mil hk dollars was agreed on August 1 and was facilitated by a BIHL board member – but 20mil HK is about 1.66mil quid and that was for BIHL operating costs.
Harry Meadows @HarryMeadows93 7 Sep
So the news is that #BCFC has £20m of funding, whether it’s just for BIHL i don’t know but sounds promising!//////////// this is the first bit
just asking if you know of this thats all mate
if you look on his twitter page you will see it still there just letting you know thats all
I’d want to see a tad more evidence than that – a stock exchange announcement would be a start.
the sooner these so call owners go the better , they have bled our beloved club dry
Why doesnt the Birmingham mail or mercury follow up the sunday mercury article from a year or so ago regarding the shareholders in BIH? There were to my recollection, some wealthy figures, one in particular who is a media mogul in China, said to be their answer to Rupert Murdoch. Iv not understood why some of these shareholders have not shown interest in taking control of the football club, or have they?
On the subject of Directors & protest . Surely Steve Mcmanaman should be brought to book.
He is as culpable as any & is now sitting nice & cosy as a BT Sport football expert.
Why our football club hurts.
Dan have you interviewed him for your book ?
No I haven’t – there is a request but he’s not responded.
From what I know, I’m not sure Steve McManaman has ever received a payment from BIH for his services.
So why was he so heavily criticised by the HKSE last September for his actions (or lack of them) as director of BIHL ?
I’m not quite sure what you’re getting at.
He was censured because stuff happened that he didn’t report – I think IIRC he wasn’t directly implicated, just censured because he didn’t report it. Have you actually read that criticism?
When good men do nothing ….
That could be said about how much fans have done in the current situ…
Most have got behind the team while many have moaned about everything, We the supporters cannot change the ownership or the financial plight, what we can do is show potential buyers, even if they are waiting in the wings, that we are loyal and right behind the club in its hour of need and desperate times.
I believe potential buyers have been driven away and will now move once the club
Enter admin which is imminent.
Pannu failed to seal the deal on a sale and now they will end up with nothing,
The end is getting closer
We are not at the end of the road yet,
We need to journey on
We may be tired & weary
But if the truth be known , often we are partisan
But it’s all for boys who play in royal blue
God bless birmingham city FC &all who love her
Kro sotv
This announcement is a bit puzzling. Losses due to player registrations? Really! I mean from a transfer point of view we are in profit from June 12- June 13 with the sales of Butland (£3m), Davies (£2.3m), Redmond (£2m). So how do they define the “registrations” that have resulted in a loss? IMO it’s incompetence or asset stripping from the BIHL ‘leadership’ that has resulted in this fully expected loss.
Well..
Curtis Davies is included (25 june) but Nathan Redmond is not (4 July).
How do we know the true value of these transfers when the club claim the transfer fees are UNDISCLOSED .
I think that we also have to remember that although it seems an absolute shambles from the outside there will be (as Dan said) a profit and loss budget that will have targets which will have been agreed by members of the board and senior management. This will include targets for ST sales, transfer income, wage expenditure , gate receipts etc. The individuals that drive those figures will be responsible for achieving (or not)this budget forecast.