Bankers take control of Birmingham over unpaid £2.2m fee

[Thespence]

Harris in the mix again.

Birmingham City have effectively fallen under the control of investment bank Seymour Pierce because of a disputed £2.2million bill, according to reports.

 

The bank run by Keith Harris won a High Court judgement against Blues' owner Carson Yeung's Grandtop investment company last month, when City announced their intention to appeal.

 

 

Seymour Pierce claimed Yeung had agreed to pay them a £2.2m success fee when the Hong Kong businessman took advice on buying Birmingham in 2007.

 

Although Yeung later appointed other advisers and did not use Seymour Pierce for the takeover, the bank successfully argued it was still entitled to the fee.

 

On Wednesday, lawyers working for Seymour Pierce obtained a charge over shares in Birmingham which prevented the club from paying a dividend or selling shares, reports the Daily Telegraph. Birmingham City are yet to comment.

 

Harris is often seen as the man to go to when buying clubs and is currently heading the high-profile 'Red Knights' bid to buy Manchester United.

 

Read more: http://www.dailymail.co.uk/sport/football/article-1266141/Bankers-control-Birmingham-unpaid-2-2m-fee-Carson-Yeungs-advisers.html#ixzz0l9z7K7LI

 

 

MESSAGE FOR DEL BOY MAKE SURE KEITH IS PAID

 

This one looks messy as fuck, more info at: http://www.telegraph.co.uk/sport/football/leagues/premierleague/birminghamcity/7567628/Birmingham-owners-to-make-compensation-claim-against-former-owner-David-Sullivan.html

[brummie]

That's really terrible, terrible news.

 

Keith Harris is a very close friend of Randy Lerner, and brokered out takeover.

[Neil]

I hasten to ask in case brummie flies off one, but do Birmingham genuinely have a decent amount to spend, or is it all somewhat foggy and "complicated" and therefore they won't be splashing out?

[brummie]

It's very complicated indeed. Yeung took ages to come up with the money for the takeover, and Gold and Sullivan actually told him to shit off and stop bothering them a few times.

 

Yeung is not a particularly wealthy man at all, and there is a great deal of cloudiness about where their money is going to come from. McLeish has made a few comments about not being convinced there will be money to spend, by all accounts.

[Thespence]

Read the Telegraph article "Yeung initiated an investigation into the club’s finances which discovered that Sullivan and Gold had paid themselves £420,000 in management fees for the year ahead before departing"

 

Was it a case of:Last day at work & on there way out & the Jew (I watch South Park) & Porn baron pay themselves 12 months in advance for work they wont be doing.