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Club's Parent Company Reports Significant Loss

Club's Parent Company Reports Significant Loss

Birmingham International Holding Company has issued a significant loss warning for the financial year and has blamed this on a lack of money coming in from player sales.

The player sales during this period are Jack Butland to Stoke for around £3.5 million pounds and Curtis Davis to Hull for around £2 million pound.

I'm unsure but I think the Redmond deal comes under this financial year not the last one.

For the year ending in 2012 Blues posted profits of £16 million pound with players like Jerome, Ferguson and Scott Dann to name a few, all being sold.

Has that money been taken out of the club? or has it slowly been chipped away by the costs of the club? its not so long back, so it would be hard to believe the club had spent that already!

The company said it expected the financial situation of the club to continue to worsen in its current state.

The club also still have liabilities of £14 million which could be the money the club owe to BIH (they loaned the club player fees), this represents a supposed fall in liabilities.

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Writer:Christopher Handy
Date:Tuesday September 10 2013
Time: 4:59PM

Comments

0
Its looking very much like liquidation is on the way, buckle your seatbelts
hard will
10/09/2013 17:33:00
0
I doubt any money has been fritted away, unless they can fool the auditors and the club and BIHL have used different auditors so you would think one of them would find something. Yes, one of them did say they didn't have all the information they wanted and if they suspected foul play they should have indicated that and refused to sign the accouints off. Blues made £16 million ending 2012 but they lost £10 million ending 2011, so really they only made £6 million over those two years. We owed BIHL and Yeung via his banks £20 million and this is now down to £14 million, so probaly that is where the £6 million profit has gone, to pay the clubs debt. The wage bill was over £25 million on a turnover of £39 million the first year in the championship, so players had to be sold otherwise that turnover would have been about £20 million and wages would have been around £35 million so we would have made another big loss to add to the previous year loss of £10 million plus the loans / debts we owed. It would have meant we would be in debt to around £45 million.
Francis Stroud
11/09/2013 09:47:00
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