eddie Posted February 17, 2015 Posted February 17, 2015 http://www.bbc.co.uk/news/uk-england-birmingham-31504347 Birmingham City FC's owners 'in receivership' The club's parent company says it has appointed receivers The owners of Birmingham City Football Club have said they have "no other option" than to go into receivership. The Championship club's parent company Birmingham International Holdings Limited (BIHL), blamed "fractious and inharmonious relations within the management" for the decision. BIHL said it had appointed three receivers from Ernst and Young. The club said it wished to reassure supporters "most emphatically" that no winding-up petition had been filed.
Stive Pesley Posted February 17, 2015 Posted February 17, 2015 Is that an automatic 10 point deduction?
CornwallRam Posted February 17, 2015 Posted February 17, 2015 Coventry, Portsmouth and Southampton were all deducted points when their holding companies went into administration - but the Birmingham case looks a little different as they are apparently solvent. It seems like a device to get rid of Yueng rather than a lack of cash.
uttoxram75 Posted February 17, 2015 Posted February 17, 2015 It can't be lack of cash if they've appointed Ernst & Young!
Brammie Steve Posted February 17, 2015 Posted February 17, 2015 The sooner Carlton Yeung is totally divorced from Birmingham City in particular, and English football in general, the better. No blame is attached to the club who have done remarkably well under Gary R.. Leave Blues' points alone (they'll finish below us anyway).
Dimmu Posted February 18, 2015 Posted February 18, 2015 Can't be true. He is fit and proper person after all...
Animal is a Ram Posted February 18, 2015 Posted February 18, 2015 This is receivership - only administration carries the 10pt penalty.
Guest Posted February 18, 2015 Posted February 18, 2015 Maybe explains why they turned down the cash from Bournemouth.
CornwallRam Posted February 18, 2015 Posted February 18, 2015 This is receivership - only administration carries the 10pt penalty. Not so - any insolvency 'event' carries a ten point penalty. The argument is whether or not the club is affected by its parent company's actions. In all previous cases the clubs involved have followed the holding companies into administration. This case is different as everyone is claiming that there is sufficient money around to keep paying the bills. Consequently no creditors are likely to force administration on the club - assuming that they're telling the truth. There is also a bit of trouble brewing as to whether or not the directors of BIHL actually had the authority to call in the receivers against the wishes of the majority shareholders. This one is going to get messy.
Gritstone Ram Posted February 18, 2015 Posted February 18, 2015 It can't be lack of cash if they've appointed Ernst & Young!do they both play up top??
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