Source: Daily_Mail
Birmingham allay financial fears as chiefs assure fans over Europa League
Birmingham are confident they will meet the financial criteria which will enable them to compete in Europe next season after their Carling Cup triumph.[LNB]There were weekend reports City may not be able to compete in the Europa League unless they can assure the Premier League, UEFA and the Football Association their financial future is secure.[LNB]But Blues acting chairman Peter Pannu has allayed those fears which emerged after a statement by Birmingham International Holdings - the club's parent company - to the Hong Kong Stock Exchange.[LNB] Silver lining: The Carling Cup winners can looks forward to Europa League football, insist the club's chiefs[LNB]That revealed Blues and other Hong Kong-based business had total debts in excess of ?29million.[LNB]It also emerged last week that owner Carson Yeung has put some of his own properties up as collateral for a multi-million pound loan.[LNB]This would be used to 'provide sufficient financial resources' to allow the business to continue 'without significant curtailment of its operation'.[LNB]But Pannu told City's official website: 'It is important to note that Birmingham City (the football club) is a separate corporate entity from BIHL (a listed company in Hong Kong).[LNB] No worries: Acting chairman Peter Pannu (R) allayed financial fears over ?29million debts listed by the club's parent company in Hong Kong[LNB]'Although a distant subsidiary, Birmingham City FC's accounts are separate and it operates on its own financial basis.[LNB]'Birmingham City FC is in credit with their bankers and there is no financial impediment to its operations.[LNB]'We will have no problem securing UEFA licence approval (to play in Europe) for which the club had already filed the papers.[LNB]'As for Birmingham International Holdings Limited, the financial support by a major shareholder is a common occurrence and there is no cause for concern or any direct links to Birmingham City FC's well being.'[LNB] Decision time as injured Birmingham midfielder Ferguson ponders jabMiddlesbrough have a Taylor-made solution to their goalkeeping crisisBirmingham 1 West Brom 3: Fizz goes flat at St Andrew's for beaten McLeishAll the latest Birmingham news, features and opinion [LNB] Explore more:Places: Birmingham, Europe Organisations: Football Association
