Often Partisan

Pannu Statement Analysis

Birmingham City Acting Chairman Peter Pannu has given a statement to the official Blues website where he outlines what is happening with the sale and the future of the club.

Having had some time to digest what has been said in the statement I wanted to outline my thoughts on what was said and the manner it was said in – and what I’d have asked him in the unlikely event he’d actually talk to me.

Why A Statement on the Official Site? Why Not Via Local Media?

Peter Pannu has made it plain of late that he will not talk to the media, local or otherwise and that he prefers to communicate with the fans via the club’s official channels. The reasoning is quite simple and is all about control – by keeping the interview in-house he can have control over what questions are asked of him and how the interview is reported.

People asked on twitter last night why local media “don’t just stick a microphone under Pannu’s nose and insist he speaks to them”.  The problem is that he doesn’t have to talk to anyone he doesn’t want to; gaining access to Pannu is hard enough as it is as he refuses interview requests but even if it was possible to get hold of him there is absolutely no way he can be forced to answer any questions for the media. I can understand people’s frustrations about this but this is the way free society works – people have a right to say “no comment”.

What Can Be Made Of The Statement?

As ever, Pannu has been careful in his usage of words and has tried to play things with a straight bat. However, I do believe that he has slipped up at least once and I’d definitely like clarification on one of two things.

When asked about the recent takeover rumours (and I would guess this is implying what Tom Ross has spoken about), Pannu responded

“Yes, the recent rumour about a takeover is not correct. Due diligence was completed by a party some time ago and a time frame for an offer was set but we heard no more. As the offer did not materialise within that period, there is no imminent deal as is being suggested.

“I don’t have an appointment to meet anybody during my time here in the UK and, due to non-disclosure agreements, I don’t wish to discuss this any further.”

To me, there are two things to take from this. Firstly, it appears to be a not too subtle middle finger to Tom Ross inferring that he has lied about an imminent takeover. However, Pannu then makes things massively ambiguous by stating that there are NDAs involved. It’s a clumsy phrasing that makes things confusing but I think it makes sense if you assume that the party who has completed due diligence (and apparently didn’t make an offer) is not the same as the party who he has signed non-disclosure agreements with. The fact that he isn’t scheduled to meet anyone whilst he is in the UK doesn’t necessarily mean that there isn’t any negotiations going on; it just means that they might not be as advanced as some might think.

Another key point crops up a little further down, where Pannu states

“The key point to make regarding the ownership of the football club is that Carson Yeung does not wish Birmingham International Holdings Limited (BIHL) to lose its listing status in Hong Kong and a full disposal of the club would hinder those plans.

which implies that Carson maybe isn’t looking to sell the whole club immediately; at least not before the holding company is relisted. This ties in with my thoughts from a couple of days ago where I opined that maybe Carson would look to sell a piece of the club now to bring in some investment with the possibility of selling the rest later or maybe buying the piece back if he was acquitted in his trial.

It’s concerning that Pannu states

“Carson Yeung is personally in preliminary discussions with some buyers from Asia. So yes, I believe it may be his (and the shareholders’) ultimate intention, however, as outlined above, he is working to his own strategy on how to achieve this. At this stage, further details haven’t been brought to the board’s attention. I wish I could tell you more but at this stage I don’t know any more than that. Once the BIHL board is informed of further developments then I’m sure this will be announced but at this stage it is purely preliminary discussions.

when asked if Carson has plans to sell the football club. One would hope that the Chief Executive and Managing Director of BIH, not to mention the acting chairman of the club would have a better idea of what Carson’s intentions were and it makes me wonder if the odd rumour recently circulating in Hong Kong that Carson and Pannu have fallen out has any credence. One would hope that that isn’t true as the last thing the club needs is a civil war at board level between the two most powerful people in BIH.

The most laughable part of the statement for me is when Pannu is asked about the on the field fortunes. His reply of

“Lee is doing a good job in very difficult circumstances. He has his arms and legs tied at the moment given our financial constraints as a result of Carson Yeung’s predicament. The same can also be said for me given that current predicament.

where he compares what he has had to do with Lee Clark I think is disingenuous in the extreme. I’m not quite sure how selling any asset with any value whilst continuing to pocket a massive wage from three sources (club, consultancy fee and holding company) compares to having to build a competitive team on a shoestring budget. I’d have more faith in Pannu if he said that he’d pared back the huge amounts of money he was taking from the club in light of the recent cashflow and financial problems.

What Should Have Been Asked

I’ve thought about this long and hard and I’ve come up with these questions. I appreciate they’re not the questions everyone might agree with, but they are what I would like answers to. I have emailed them directly to Pannu for his comments.

  • Firstly, in light of the club’s continuing ongoing financial constraints and the issues that the holding company have faced can you confirm if you have reduced your financial package from either company and/or reduced/waived your consultancy fee. If not, can you give some sort of breakdown of what your role entails for each wage and how they are correct using industry benchmarking standards?
  • Do you agree that it must be difficult to be simultaneously the Chief Executive and Managing Director of one company and the Acting Chairman of another, particularly bearing in mind that these companies are based 6,000 miles apart? Would you consider putting a person into position in Birmingham as a “vice acting chairman” so that the fans have a point of contact with BIH that resides within the Birmingham area?
  • In light of your statement, can you confirm that you still enjoy the confidence of Carson Yeung and/or the board of BIH directors and assuage fans of the possibility that there may be a split at the top of the company.
  • Can you make a comment on BIH’s position with respect to the recent application made by the Blues Trust to Birmingham City Council to make St Andrews an “Asset of Community Value”?
  • Could you clarify if Carson Yeung is seeking a partial disposal of Birmingham City Football Club at this time as implied in your statement?
  • Could you confirm how close BIH are to a resumption of trading on the Hong Kong Stock Exchange and what outstanding issues are left to be dealt with apart from the currently delayed accounts?
  • Could you confirm that Carson Yeung owns his shares in BIH outright and that there is no encumbrance upon them from either the judicial authorities of Hong Kong or any other third party?
  • Could you confirm in the light of there being no investment either in BIH or BCFC that the continued funding of the football club is secured by means other than the selling of the players, the ground or any factoring of remaining parachute payments?

As always, any response received will be fed back on the blog.

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106 Responses to “Pannu Statement Analysis”

  • glyn rees says:

    Just as I have always said ONLY WHEN SHARES ARE REINSTATED will we be sold. Disappointing yes but no change really. The interesting bit that you missed Al was the 7 million paid to the bank that was owed, so there is no hold any more on St. Andrews he can sell it if they wish and that is really worrying . Also we owe no other clubs or I assume the tax man Kro4ever

    • almajir says:

      Two points. One, as stated many times before HKSE have confirmed to this site relisting of shares isnt a prerequisite of the sale going thru – it would however admittedly make things easier.

      Secondly, hsbc have a debenture secured on the ground still (as reported on this site) which would require paying off prior to its sale.

      • glyn rees says:

        Pee pee said he had paid the banks loan back so how would they still hold a debenture Al

        • almajir says:

          Glyn, there is a debenture filed with companies house. There is nothing to say that debenture has been cleared. That’s how I know.

          • glyn rees says:

            That’s great lets hope it stays thanks Al you have eased my main worry Kro4ever

          • sw16girl says:

            Debentures are sometimes left on when there is virtually nothing outstanding on them if a borrower has a facility to increase borrowing in the future – saves all the paperwork of it having to be put back on so the fact it is still on at Companies House does not necessarily mean all or some of the debt remains outstanding (although it probably does). As far as selling the ground is concerned the debenture acts just the same as a mortgage on a domestic property. Sell it for more than the amount outstanding on the debenture and part of the sale price goes to pay that and the rest goes to the seller. However the Trust’s efforts to register the ground as a community asset are bound to put buyers off (even if he is trying to sell) and football grounds are difficult to make money on as planning for anything else would take a very long time to get. It is very unlikely he could find a buyer but that does not mean he is not trying.

  • kht says:

    Quote – “it makes me wonder if the odd rumour recently circulating in Hong Kong that Carson and Pannu has any credence.”

    I think you may have missed something out here Dan. Are there rumours of a fallout between the two?

  • Chris W says:

    As usual another excellent piece of news to keep the supporters updated, as I said in an earlier topic, if pp said BCFC played at St Ans I would still have to check for myself, the man is so full of BS and never actually answers a question directly.
    Who put the questions to him to answer or did he write the questions and answers he thought we wanted answering?
    Are we any closer to the accounts being ready for the end of October and why were they delayed yet again?
    As you have pointed out he has left more questions that need answering, hopefully you get a reply but I would not hold my breath.

  • Jaffa says:

    What an anti climax.we were all hoping to hear Pannu tell us that the club was sold.Looks like he really has fallen out with Carson.It will be interesting to hear what Tom Ross has to say?

  • The Francis Fake says:

    CY has recently employed a new defence lawyer. Could it bethat he is simply trying to sell a few shares to raise further capital for the court case. When you interviewed his relatives the feedback ws that he didn’t want to sell the club.CY’s strategy is possbily to hang on as long as possible and if he succeeds in getting off he cn either seell at a greater price or try to continue in ownership somhow.

  • Berkshire Blue says:

    I have a different interpretation of his statement on NDAs. I don’t see any reason why the NDA can’t apply to the party who failed to lodge a bid after due diligence. Essentially he is saying that the party that launched due diligence signed NDAs and therefore he does not want to say anymore about them (who they were etc etc). The quid pro quo is that he would want them to also respect the NDA and not come out with any statements about what they have found etc. it’s also a good tactic in closing that particular line of questioning down. I can’t really see any evidence in the statement that implies a partial sale either – personally I think any party would be mad to attempt a partial purchase, you get no control over an asset (BCFC) that is clearly in a challenging financial position at great risk to your investment.

  • edd77 says:

    So the only thing we can look forward to after his useless visit is more sales jan,good luck lee clark your going to need it

  • Mickey07 says:

    Yep your right about control,I feel someone from say like the bbc interviewing him would rip him to pieces and he would uncomfortably be out of his depth…he’s not the sharpest when it comes to these type of things as it seems to put him on edge…..but hes here for one reason only “to follow the money” it’s in his DNA…….looks like he not much time for Tom Ross either…..as for falling out with yeung?maybe…..

  • Bluehobba says:

    Good morning, reading the questions you would like to answer if given an interview, I would guess the answers would be “no comment”. Also as Pannu states he does not have an appointment over here in the UK and regarding NDA, my thoughts were this could be true as any meetings could be held in Asia away from prying eyes and ears.
    One other thing, could it be, As CY “is personally in preliminary discussions” sounds to me that Pannu is only involved when necessary.

    KRO

  • andy says:

    Thanks Al, I hope Mr Pannu answers those questions. He certainly has broad shoulders and said he is prepared to take all the flack. What concerns me is that he implies player sales will continue in order to keep the club afloat, surely our lowest crowd in 20 years sends him a message. Having said that, the Coventry owners never gave a damn, why should ours?

    • blewnozejohn says:

      this is a really important point. it is now obvious that CY wants to keep hold of the club and he will sell on his terms. The supporters who are boycotting games thinking they are forcing him into a decision appear misled. A reduction in gate income will only mean more players being sold, this is why we need to be at the ground. Even with 13k supporters at the Millwall game, I sensed a great deal of passion, noise and resilience. Keep turning up Bluenoses… our time will come…..

      • Bluevein says:

        To blame fans for staying away is unfair all the players would have been sold regardless due to 2 major factors,1st cutting overheads due relegation,2nd Peter Pannu taking a cut of all money coming into the club his greed is the main driving force for our decline not the fans boycott. If you think another 5 to 10 thousand supporters in the ground would mean we could have kept the likes of Johnson,Dann,Redmond,Butland,Beausejour,Gardner,Ridgewell,ferguson,Jerome,Foster plus all the out of contract players let go to reduce the wage bill then you are the one who is being misled!

        • Chris W says:

          Then a simple question would be “Why do you or they stay away.
          Whether we have Lee Clark, Chris Hughton or Sir Alex Ferguson we would still be Birmingham City FC with no money, staying away is only hurting the players who are doing a sterling job under the current circumstances. Maybe some of those might have been retained, maybe Jack Butland or Nathan Redmond, the others all jumped ship because they wanted Premier football, with only Foster, Ridgewell and Gardner retaining that status.
          I go to matches to support the team, not the owners or the coaching staff, but the players. If we win great, it we play well and lose I am upset, if we play badly and lose I have a moan, I am qualified to moan as I have paid my money. Many moaners on here and other forums do not qualify to make any comment unless they have seen with their own eyes what is happening on the pitch.
          I say to you and other whingers “Get down to St Andrews and see a squad of players who are prepared to run through brick walls in the name of Birmingham City FC. They are not being paid extortionate wages, they are not household names but they are Bluenoses.

        • blewnozejohn says:

          I am talking about the present situation, not the past. It is more likely we will lose players like Burke in the transfer window If we do not get the income into the club. I agree that BCFC is being used and abused in financial terms by BIHL, but if Pannu is honest (and it is unlikely he is) in saying CY will sell on his terms, every penny will count. They have us by the balls, but in my opinion, we have to turn up and support our team not only for financial reasons, but to actively demonstrate that no matter what happens out of our control we will KRO….

  • Ricky says:

    Sorry I fix cars and throw people out of night clubs for a living so excuse my lack of knowledge. What’s a NDA?

    • blunosed says:

      Non-Disclosure Agreement.

      What is the club worth now? Any potential buyer will probably wait for Admin.

      • chris says:

        Trouble is, if we get through this season we may not go into admin as Zigic, Murphy, Burke, Spector and Elliot will have left so the wage bill may then be within budget.

      • Luke says:

        Not sure that they would. Admin means points deducted which, in Blues’ case, would probably mean relegation. From a buyers point of view, it might be worth paying a few million to start their project from the Championship.

        IMO, from Carson’s point of view, he knows administration is a disaster for him, but because he knows prospective buyers would be willing to pay something to avoid it, he’s hoping to do a deal at the 11th hour. I think there are interested parties, but there’s a game of brinkmanship going on.

      • chudlt says:

        If we go into admin the main benefactor after the players would be Carson Yeung because he is owed the most money. So CY wins whatever happens, hence is lack of enthusiasm for the sale of the club.

        • BeeGeeBlueBoy says:

          I dont think so. If the new buyer didn’t offer enough to clear his debt he wouldnt agree to a CVA and we’d go into liquidation a la Rangers

  • TonyE says:

    The thought of CY managing to raise funds so that both he and PP remain in control at BCFC fills me with dread. Is CY so naive that he believes the fans will welcome him back with open arms, doesn’t he realise we all want to see the back of him and BIH. Speaking personally I don’t want any far eastern consortium either, once bitten…

  • Brian king says:

    Almajir
    Carson Yeung does not wish Birmingham International Holdings Limited (BIHL) to lose its listing status in Hong Kong, why?. What is so special about BIHL it is broke and the only reason it operates is BCFC. What is CY up to.

    Sent from my iPad

  • Stephen Carr's hairdresser says:

    Very informative and well written as always. Looks like there is still a long, long road to traverse.
    At least on the field things are starting to look a bit more positive. At the moment, the question I am most interested in seeing an answer to you is your last one. Will there be any more sales in the January window? And if so, how can we still have funding issues as we still receive parachute payments and have the second lowest wage bill in the Championship (excluding Zigic – but the parachute should more than pay for him).

    • chris says:

      Out of the 8 million Zigic gets around 3.5 million, King has been paid off which could be another 500k to 1 million.
      Then part of the other 3 to 4 million left, will probably go to paying off our debts to Yeung as well as going towards the wages of Murphy, Burke, Spector and Elliott are probably paid around 2.5 million between them.
      Which when you consider all our new players this season are on around 250,000 per year, shows who we will be letting go next.

  • Carlos says:

    That picture on the BCFC website is PP looking through the gloryhole?

  • Art Watson says:

    These are the questions I would like to put to Pannu-

    Why have you not visited the club for the past 9 months?
    How can you justify the extortionate salary being paid to you while the club is in such a financial mess..
    What is the current financial position of the club and when are we going into administration?
    Given the complete demolition of our great club-when are you going to resign?
    Why are you not communicating with the fan base on a monthly basis?
    Why did you decide to control and orchestrate the BCFC interview which was published yesterday.
    You plead with the fans to support the club through these difficult times and yet you treat them with contempt-why should the fans continue to support you?
    How much money are you personally taking out of the club?

    I know you read this blog Mr P so let’s have the answers to these questions instead of the ones you orchestrated yesterday.

  • DoctorD says:

    What I thought was most interesting in the statement was when Pannu refers to the whole situation as “nonsense”.

    Yes I agree he takes a big fat wodge of cash, but I wonder if he is also getting mightily sick of the whole stalemate. One might want Pannu to leave, but there would be no guarantee you’d end up with someone who is any better. In fact, any replacement CEO might be a hell of a lot worse.

    Pannu also talks about working hard to “ensure that the company’s accounts are up to date and that other shortcomings at group level were addressed”. Not been too great on that front has he given the next lot are delayed already?

  • AlexT says:

    Yeung and Pannu falling out would support what ‘I think’ I know.

    I for one cant wait until the Trial resumes to hear what Yeung has to say and maybe a couple more twists and turns.

    Dont worry fellow bluenoses, just wait this out….. There is no way this can end well for these 2 chumps

    KRO

  • TonyE says:

    Given the fact that BIH would not exist without BCFC, how many staff are based in the Hong Kong and what the hell do they do. Also why is Pannu permanently there when clearly virtually all the business is in the UK and no I don’t really want him here, just pointing out inconsistencies.

  • Frankie says:

    Think the interview with Pannu (on his terms) showed the selfish view that Yeung takes, as regards BCFC. It is simply a ‘vehicle’ to ensure that the ridiculous BIHL ‘retains listing status’, thats all we are to him.
    As for Pannu, as stated by yourself was more than a little disingenuous as regards the amount of money paid to him for the zero service he offers.
    Trial time is fast approaching and judging by the evidence as reported, there is little more ‘wriggle room’ for the ex-crimper.

  • JOHN NIBLETT says:

    Having read the latest update and the responses to it one question seems not to have been asked: What happens if CY is found guilty? Would a conviction mean a jail sentence or perhaps a fine or even both. Whatever the decisions handed down surely this would preclude him from ownership. Given this would it be likely that the club would have to be sold to both perhaps pay the fine as well as his mounting legal fees. It seems to me that CY and PP are simply treading water to see where the dice falls. If he is found innocent then he would perhaps be in a position both to continue ownership or negotiate a sale. Should the opposite happen then it situation would be out of his hands and our future would then seemingly be in the hands of PP!! Given these positions then it would seem that nothing can happen until the trial is concluded. Stand by for more smokescreens from PP.

    John

    • almajir says:

      John – conviction would mean a prison sentence of 5-7 years for Carson – and disqualification from being allowed to own/direct a football club

      • Andy W says:

        Can you speculate on how that would play out Al? Presumably, someone from BIHC would have to replace him? Or is PP waiting for the opportunity to move in?

        • DoctorD says:

          You’re not Andy Walker from the club are you?

          https://twitter.com/_andywalker_

          • Andy W says:

            No Dr D. I’m not. I just have the same name. I used to try and message him when he does his live text reports on match days, but he never replied to me. I think he thought I was taking the Mickey!

        • sw16girl says:

          it is quite possible that the police would seize the Club as proceeds of crime if they felt it had any resale value. If not seized it could be because they felt it was not actually an asset. In that latter case it is possible someone might buy it as a firesale but buyer would be more likely to wait for administration when they could pick it up cheaper

  • chris says:

    “Due diligence was completed by a party some time ago”
    ( this time period coudl mean different things to different people , it could be only a couple of months ago)
    “and a time frame for an offer was set but we heard no more. As the offer did not materialise within that period, there is no imminent deal as is being suggested”.

    (Just because it didn’t materialise during this period doesn’t mean an offer wasn’t made, he doesn’t say no offer was made, but says ‘THE OFFER’ which to me says there has been an offer but not in his padantic time frame).

    “I don’t have an appointment to meet anybody during my time here in the UK and, due to non-disclosure agreements, I don’t wish to discuss this any further.”
    (Not meeting anyone in UK, maens very little as business people will meet at international airports or will talk via video conferencing, all a play on words from him and the club).

  • Richard Granfield says:

    I am still convinced that Carson Yeung has no intention of selling the club. He is hoping for two things:-
    1, He is found not guilty at his trial. Remember he has changed his counsel and is reported to be taking the stand in his defence.
    2, Relist the company on the HKSE, attract funds and proceed as before he was indicted.

  • andy says:

    I have to agree about the interesting word Pannu used, “Nonsense”

  • chris says:

    Sounds to me like Yeung wants to get a loan which ties into what BIHL said a month or two ago.
    To get this loan he may have to use his shares as collateral but at the moment they are worthless until BIHL is re-listed on the HKSE.

  • dove says:

    The accounts, when or if, the are released at by the end of October will make interesting reading. If company is insolvent then they will need to say how they will continue to trade and where the finance to do this will come from. I expect they will also include details of the loans hair cuts.

  • chris says:

    Or could he be looking at a new share issue to attract investors once trading is resumed.

  • StaffsBlue says:

    I too have never believed that Yeung has any intentions of selling up. But, surely, he has to have contingency plans in place, as even he must know he has at least a 50/50 chance of falling through the trap door. Maybe, Peter Pannu having his nose shoved out concerning discussions, is the reason they might have ‘fallen out.’

    It’s pretty much certain that nothing will happen until at least the court verdict is known.

    • chris says:

      Staff’s wouldn’t surprise me if once the case is finished the BIHLaccounts release and re-listing of the shares would happen very soon afterwards.

      Al, could it be that all this new investor malarky could be Yeung’s alternative if he is found guilty and this is why this ‘sale’, ‘new investor’ scenario has dragged on, because the case has dragged on?
      Whereas if he is found not guilty he just regains full control as his assets will be returned and all this new owner / investor rumours will just disappear.

  • chris says:

    IF, for example TF is involved (not saying he is) in any move to buy blues, he has said “This summer I have spent a lot of time at my home in Marbella”. So Pannu would be correct, when he says he is not meeting anyone in the UK.

  • Teej says:

    “What destroys a man more quickly than to work, think and feel without inner necessity, without any deep personal desire, without pleasure – as a mere automaton of duty?”
    Friedrich Nietzsche

  • KeeprightCroydON says:

    Like you, I found PP’s answers in the “interview” very clumsily phrased. Surprising considering he is a barrister and in all probability he created the questions in the interview to suit what he wanted to get across. It’s really daft that he decided to present it as an interview; it would have been far better as a statement.

    I like the list of questions you have sent. I hope he has the decency to respond to them, but am not holding my breath.

    • carlos says:

      Agree mate, its a travesty of an “interview”. I would imagine Andy Walker must be feeling pretty uncomfortable about the way it was presented.

  • tmsblues says:

    It’s been pretty clear for some time that whosoever did the due diligence in the past, was pretty unimpressed by what they found. No surprises really as there must be a right hornets nest of financial issues ! It doesn’t bode well for the prospects of an investor coming forward. The Company is on the ‘bones of its proverbial’ and at risk of going under, so why would anyone buy. The most likely alternative to Admin is a part investor from ‘Asia’ through one of Carson’s ‘friends’. Suspect it will be well into next year before any change and that means the window sale of another couple of players probably starting with a goalie, an academy developer again and a right winger!!.

  • Paulo says:

    Such a sorry state of affairs.
    Al, what happens when court resumes?
    Will Yeung take the stand straight away or should we expect more testomonies from witnesses ect ect. Do you think events will move quicker in court now? I do sense a measure of impatience from the judge!

  • Enckelman says:

    Is there a time frame on when the holding company can be relisted? Can this happen before Carson’s trial reaches a verdict?

  • Tony says:

    Found Pannus statement very disheartening, we are basically no further forward than we were 12 months ago.
    Why the hell has he bothered to come over here if not to conduct business?.

  • Paulo says:

    I agree Tony, but there’s no smoke without fire and must be here for some reason. Hope he’s at the Bolton game, that should get the Carson song going as well as others!!

  • sw16girl says:

    It is entirely possible that Pannu has mentioned the NDAs solely so he can get out of replying to any questions about a sale and why there have been inconsistent statements in the past. It does not mean there are any NDAs or that they are relevant. As anything he says is said with an unknown ulterior motive analysing it all is probably not going to get you anywhere. I still think he is here trying to squeeze the last drops of cash out of the club and anything else is pure smokescreen..

    • carlos says:

      Spot on sw16girl. A lot of people are blinded by the fact that PP/CY are our board, and still believe that they are acting on behalf of BCFC, even if they are incompetent. They have absolutely no feeling for the club or fans, they are quite simply here for the money and have been lieing through their teeth for the last two and a half years. There is another £8m due next season with the wage bill slashed considerably, there is no way they will be gone before that is “spent”. We need to stop second guessing or trying to justify/understand what is happening and face facts. If it looks like a duck, walks like a duck and quacks, its a f***ing duck!

  • Steve says:

    Got to say my heart sank when i heard that statement, It seems tweedle dumb and tweedle dumber think they are wanted at blues still…..gutted, and the bit about doing aswell as Lee Clarke……

  • StaffsBlue says:

    “Yes, the recent rumour about a takeover is not correct. Due diligence was completed by a party some time ago and a time frame for an offer was set but we heard no more. As the offer did not materialise within that period, there is no imminent deal as is being suggested.”

    Could this have been the deal that dear old Tom Ross was talking about? Pannu mentions “a party,” he didn’t say from whence.

  • kimberley blue says:

    Other than visiting the game in person why is PP here?… He could have posted his own Q & A from Hong Kong

    • sw16girl says:

      I suspect he did do the Q&A from HK. Look at how he describes the staff “I have to salute my staff back in England” “I have good people working back in England” – looks like it was written in HK before he came over. All he has had to do is insert a couple of current comments about meeting LC and it’s finished. If it was written over here one would have expected him to have said “over here” rather than “back in England”

      • almajir says:

        It wasnt. It was done here.

        • sw16girl says:

          I am assuming you know the person who wrote it up. If so then the use of back there when he is over her is very odd. But then here I am analysing it as well when it is probably a piece of fiction anyway.

  • Steve says:

    Always been a conundrum for me that Mr Pannu is a barrister yet his communications are full of obfuscation (whether intentional or unintentional). This latest one is as clear as mud.

    • DoctorD says:

      Dunno — I thought his message was fairly clear all things considered. It’s just he didn’t really have much to say other than watch this space and the Hong Kong stock exchange website.

      @kimberley blue — I guess he could have done the Q&A from HK but I imagine (or at least hope) that he spent time with staff from the club. If he didn’t then he really is a [insert your own description].

  • carlos says:

    Almajir, you need to doorstep PP whilst he is in the country, you may never get another chance, and as you say there is no way he would grant you an interview. Get someone with a camcorder to video it and put it on the net. There is no way he will answer any questions, but it will show him in his true light and it would be great to see him squirm. Plus it would do wonders for your reputation as an investigative journalist and might sell a few books ;-)

  • CarlBluenose says:

    I personally think when this lot finally are out the picture ( seems a long way away ) everyone should go down to St. Ans, for whatever game is on at the time, Sell the stadium out bigtime and sing the loudest rendition of KRO ever recorded lol.

    Imagine the Aurora around the ground the weight lifted of everyone.

  • Bully-beef-jnr says:

    Perhaps its time we started believing what pannu is saying. Perhaps he is actually telling the truth. He said months ago no sale was happening and he was obviously telling the truth. He stated we shouldn’t listen to anything but the HKSE for info again the truth and now he says we will be sold when CY is ready regardless of what state the team or division we are in I’m starting to belive him more than the rumour mongerers

    • Chris W says:

      He may well be telling the truth, he has alienated himself by not being open, taking far in excess in salary when he openly admits we are in financial mire.
      He is the one selling our prize assets and stripping the club.
      If he was based in Birmingham and had his finger on the pulse, answered reasonable questions and been the face of BCFC, then just maybe we would not be so annoyed.
      KRO

      • Bully-beef-jnr says:

        I totally agree with your views it’s the fact that we are being fooled and fed BS by certain people that these dark days are nearly over when if we listen to peter pannu (who I detest as much as everyone else) they are not

  • Art Watson says:

    Like Tom Ross?

    • Bully-beef-jnr says:

      Tom ross, the trust insider or who ever else is sad enought to start pointless rumours

      • almajir says:

        Trust insider? think you’ve fallen for a forum wind up mucker.

      • Tom Ross says:

        Like me or not rate me or not I have never started a rumour. I was told and still believe what I said. Why would I risk whatever reputation i may or may not have by starting a rumour or telling lies??????? It will all come out that’s for sure.

  • Richard Granfield says:

    One thing that’s crystal clear from PP’s answers is that Carson Yeung is the decision maker on any sale.
    PP may do a lot of the day to day tasks, but when it comes to the BIG one it’s down to CY. That is why nothing will be decided until the verdict is in.

  • The Francis Fake says:

    One positive thing that we can say about PP is that he has and is striving to get the accounting and corporate governance issues resolved in order to get the shares re-listed. It seems that this is a key factor in enabling new owners taking over. Unfortunately, the company was shabbily run in this respect for a long time and those in charge didn’t have the know how to run a publicly quoted company. The associated complications that have arisen have conspired along with CY’s dire personal position to hamper any change of ownership becoming possible.

  • Chris says:

    They were never going to sell but i think maybe he is preparing to sell the ground from under our feet….This is the reason he is here no evidence but a nasty thought….

  • andy says:

    Take everything Pannu says with a huge pinch of salt. I have, ever since that statement about only accepting eye popping offers for players!

  • chudlt says:

    It seems that PP will be at the Bolton game (even if he doesn’t sit in his seat) All the non attenders should join the 13000 hardcore and let him hear what we think about all this “Nonsensense”

  • Tony says:

    Dan when is the council decision on the ground being declared a community asset due?.

  • Tony says:

    ok thanks thats what I thought.

  • mark says:

    lots of opinions on pp statement why is so wrong that it did through bcfc??? why is it so wrong that he prefers not to speak to the media??? why is where always a sinister twist to what he has put in his statement??? all you can do is make an opinion on what he has said……..

  • trueblue says:

    Though HSBC may have a debenture registered it may not necessarily mean they are owed money but may be historic from when a loan was in place. A bank does not necessarily cancel a debenture as soon as any debt is repaid in case further monies are borrowed – I accept they are not likely to lend us anything else unless a very short term arrangement against known monies due e.g. parachute payments. Whilst a debenture is in place, however, HSBC would have a claim on monies due to the club including those from asset sales though clearly this claim would only be exercised if the bank is owed money.

    • almajir says:

      Land registry also confirms a charge is in place over St Andrews last time I looked (which wasn’t long ago)

  • Steve says:

    After reading Pannu’s statement it could explain why some such as Tom Ross are saying a bid has been agreed and Pannu’s is saying non have been made.
    An acquisition process usually follows a procedure such as the following
    1. The selling party produces an Information Memorandum (IM) giving some key information
    2. A potential buyer signs an NDA then receives the IM
    3. After reading the IM the potential buyer can ask further questions then if still interested makes an indicative offer.
    4. If the indicative offer is acceptable then the buyer enters due diligence and the seller normally offers a period of exclusivity in which to undertake this.
    5. After due diligence the potential buyer either formalises the offer and the sale is completed, renegotiated or walks away.

    I have never known a party enter due diligence without having lodged an indicative offer and the seller finding it acceptable.

    Hence what appears to have happened here is that an acceptable indicative offer has been made (explaining why Tom and others are saying a sale is agreed) but the potential buyer has not formalised this offer (for reasons we can only speculate) after completing due diligence.

    Hence everybody could be telling the truth without anybody giving the whole truth.

  • chris says:

    Almajir, i presume you know what they are talking about,
    https://twitter.com/theBCFCblog

  • steve lines says:

    What a shambles its not even a joke now even the Vile fans are showing symphony. Bring on Administration BCFC cant go on any lower. On a plus point LC doing a great job on zero resources well done Lee.

  • BeeGeeBlueBoy says:

    I read it that that one or more parties have done due diligence and if they made an offer it was not accepted. Maybe they offered too little; maybe they couldn’t develop the club they way they wanted (problem with B’ham Council; Stans protection status

    • Chris W says:

      When David Sullivan and Gold sold BCFC they gave three main reasons behind their decision, 1) the distance from their respective homes, 2) A section of the fans were barracking and questioning their commitment to BCFC and 3) complete lack of support from Birmingham City Council.
      If, as been mentioned, the potential buyers are local and, if speculation is correct, they are BCFC supporters or more, then they will already be aware of Birmingham Councils total apathy towards the club, and this maybe the major stumbling block for a sale to be completed. Look at the Blues Trust and their application for a “asset of community value”.
      As supporters we will never know the full ins and outs behind the doors of power, luckily we have Dan and OP doing a sterling job in keeping us up to date and in simple language.
      I don’t think the outcome to CY and PP will be leaving BCFC in the near future, they are determined to take us to an even lower state that Ken Wheldon did, unfortunately.
      This is going to be very messy and expensive for whoever buys us…
      All we can do is support LC and the team to show potential buyers we are a passionate club who deserve better.
      We really need those stay away supporters who believe they are doing LC favour and forcing CY to sell to get down and get behind the team, the shirt and the badge to make ST Ans a cauldron of noise and show the football world we will not roll over… KRO

  • mark says:

    pp has done the right thing imo to speak through the right channel bcfc, one thing is definately true Carson the daddy…………………………..pp is his mouth piece so read into what you want…………….
    Hairdresser with a agenda who would have thought……………………those who thought he would roll over are going to be very disappointed…………….

  • parchy99 says:

    Something continues to bug me about Tom Ross.

    He claimed many moons ago that a sale had been agreed, and even in the face of much probing, he stuck to his guns and adamantly confirms his beliefs to be true.

    On the 25th September he released an article through the Birmingham mail where he stated

    “The people interested have a genuine love for the Blues and their fans and desperately want to be a part of restoring pride and rebuilding a successful football club.

    But for some reason nothing has happened.”

    The use of the term “some reason” implies a distance from what is going on and a definite lack of understanding on the front line.

    However, in the light of PP’s statement, the crowing has started again via twitter, where he continues to brashfully predict that his day in the sun is approaching.

    I like Tom Ross but people, especially in certain positions, need to keep there mouth shut and not join in with playground titlle tattle as I unfortunately predict he is doing irreparable damage to his reputation and fan base down at Stans.

    I hope i’m wrong.

    • Art Watson says:

      An excellent post which I entirely agree with.

      TR should learn to “manage peoples”expectations but I suspect he has his own agenda and reasons for making a complete fool of himself .

  • mark says:

    http://www.birminghammail.co.uk/sport/football/football-news/birmingham-city-lee-clark-talks-6136935? pp does talk well- done lee you are doing a tremendously good job with both hands and feet tied behind your back……………….

  • ray says:

    I wonder how many of the managers we have ever had could have done as well in such difficult circumstances as Lee Clark has. It reminds me of how much Terry Cooper fought to keep us afloat (including in court) before Sullivan and co. saved us from becoming a supermarket with car park after the last lor of asian owners. .Although I wasn’t keen on hin in the first place I have grown to admire him for the way he has stuck to the task and produced a team that may be a little naieve but gives it their all, heart and soul. I would award him the OBE if it was in my power! Kepp right on! If there is a moral to all this is don’t have asian owners again (if we can g et rid of this lot).


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