Birmingham City: Club closer to sale, says acting chairman Pannu

Birmingham City acting chairman Peter Pannu says approval of their parent company's accounts in Hong Kong may speed up the club's proposed sale.

The long-awaited financial results for the year to 30 June 2011 were approved on Friday at Birmingham International Holdings Ltd's annual general meeting.

"I'm glad the past outstanding accounts have been passed through," said Pannu.

• Turbulent times at Blues

  • June 2007 - Carson Yeung makes first attempt to take over club
  • Dec 2007 - Blues owners David Sullivan and David Gold cancel deal
  • May 2008 - Blues relegated from Premier League but Yeung announces intention to still become Blues owner
  • August 2009 - New takeover bid from Yeung following promotion back to top flight
  • Autumn 2009 - Yeung passes Premier League's fit and proper person's test. Deal then approved by Stock Exchange
  • June 2011 - Yeung first appears in court on charge of money-laundering, which allegedly took place between January 2001 and December 2007.
  • May 2012 - Blues announce that they are seeking new investors on the day that they miss out on promotion
  • Sept 2012 - Peter Pannu appointed to run Blues' Hong Kong-based holding company
  • October 2012 - Blues attract potential buyers, including a consortium led by Midlands-based businessman Gianni Paladini
  • May 2013 - Carson Yeung's trial opens in Hong Kong

"This is a milestone and a pre-condition if we were to sell the football club, if appropriate."

Pannu, who was re-elected onto the BIHL board on Friday as chief executive, having first been appointed in September 2012, continued: "It is a step towards the resumption of the trading of BIHL's stocks on the Hong Kong Stock Exchange, which had been suspended for sometime.

"Now we need to move ahead and prepare for the sale of the club, if the terms are right, and also to prepare for the next season in the interim.

"The results of the AGM are encouraging for me and my staff here in Hong Kong and in the UK and it shows that our work, under very trying circumstances, over the past two years has been acknowledged by the voting shareholders who effectively own the parent company and the club."

There have been reports of a number of consortia interested in taking over the club, but as yet there are no firm offers on the table.

Pannu, 49, added: "There are many challenges ahead and we still need to work together in the best interests of the football club and our loyal fans.

"Another point to note from this AGM and the counted votes is that we should not, as I have been emphasising all along, be distracted by inaccurate and misleading reports of the intentions of shareholders prior to the AGM and what their plans were. The events of the AGM has proven many wrong.

"The AGM was also an opportunity which many local media took and the floor was opened up for a question and answer session where there were a free flow of exchanges on a range of topics.