Birmingham City Delay Publishing Accounts Again
By Community | April 27, 2012
Birmingham City finances are up in the air following the decision by parent group Birmingham International Holdings (BIH) to postpone the release of its financial results for a further three months.
The St Andrew’s club were left in no man’s land over future summer signings and other key finances after the parent group told the Hong Kong Stock Exchange the results would be delayed until the end of July.
BIH says the delay in publishing its financial figures is because “more additional time is required by the company’s subsidiaries in finalising its financial statements and preparing the final results of the group”.
The postponement of the results is likely to throw Blues’ future plans into further turmoil, prolonging the transfer embargo imposed by the Football League due to concerns over the parent group’s finances.
BIH has now postponed the results announcement three times, in October, January and April, and failed to meet three pledges that the accounts would be issued. It has also issued a profit warning forecasting substantial losses, largely blamed on Blues’ relegation last year.
But the latest delay is likely to be seen as the last straw by thousands of Blues fan increasingly disillusioned with the Chinese owners.