Birmingham City Owners Have Two Potential Bidders for Club

By Community | October 9, 2012

Birmingham City may soon have new owners after their current Hong Kong-based owners said they’re in talks to sell the club with two possible buyers.

The Midlands-based team was relegated from the Premier League at the end of the 2010-11 season, viagra and its largest shareholder Carson Yeung was arrested in Hong Kong last year on money laundering charges.

Parent company Birmingham International Holdings Ltd. (2309) said in a statement to the Hong Kong stock exchange it signed confidential non-disclosure agreements with two parties it declined to identify. Shares in the company have been suspended since June 2011.

Talks are at an early stage, clinic with “interested parties having sought and were furnished with electronic due diligence materials in relation to BCFC,” the statement said. “To the best of the board’s knowledge, information and belief, having made all reasonable enquiries, the prospective buyers and their ultimate beneficial owners are third parties independent of the company and its connected persons.”

Yeung, the former hairdresser who bought control of English soccer club in 2009, in June 2011 was charged with money laundering in a Hong Kong court.

The police brought five charges against the 51-year-old for dealing with property “known or believed to represent proceeds of an indictable offense,” with a total value of HK$721.3 million ($93 million), according to documents read in court. The trial is set for November. Yeung denies the charges.

Soccer authorities imposed a transfer embargo on the team after it failed to submit accounts for 2011.