Source: Daily_Mail
Birmingham City in need of a cash boost to keep in the black
Birmingham owner Carson Yeung will put up personal property assets in an effort to bring in new investment to keep the club solvent.[LNB]A statement by Birmingham International Holdings to the Hong Kong Stock Exchange revealed the group had liabilities exceeding its assets by approximately ?27million.[LNB]That is a situation which BIH said 'indicates the existence of a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern'.[LNB] New investment: Carson Yeung is looking to sell his personal property[LNB] However a club spokesman insisted there are 'no problems' with day-to-day operations, and Yeung, the major shareholder in BIH, will put Hong Kong property up as collateral for an ?11.8million loan.[LNB]BIH also intend to bring in working capital amounting to ?24.4million, of which ?7.1million will come from a financial institute and ?17.3million from making new shares available in the company.[LNB]According to BIH, Yeung's funds will 'provide sufficient financial resources' to allow the business to continue "without significant curtailment of its operation".[LNB]Birmingham manager Alex McLeish has performed wonders at St Andrew's in guiding the team last season to their highest top-flight finish - ninth place - and last weekend's Carling Cup final triumph over Arsenal.[LNB] Cup glory: The Birmingham squad are due bonuses for their Carling Cup exploits[LNB] The statement released by BIH reveals that McLeish and his squad will be entitled to bonuses which have to be paid.[LNB]It read: 'There is a player pool bonus for Premier League retention based upon the position the club finishes at the end of the 2011 season.[LNB]'In addition to this, some players and football management staff have individual bonuses due upon Premier League retention.[LNB]'Also, the team manager would be due a bonus should the team finish in a certain position or above together with bonuses due upon success in cup competitions.'[LNB]A Birmingham spokesman said: 'There are no problems with the day-to-day running of the club.[LNB]'Birmingham International Holdings is seeking to raise capital to invest into the business.'[LNB] BIRMINGHAM v West Bromwich: Ferguson and Gardner struggling to be fitWilshere is a cyber-bully! McLeish blasts Arsenal ace over Twitter rantFerguson played last hour of Carling Cup final victory with a broken ribAll the latest Birmingham City news, features and opinion[LNB] Explore more:People: Alex McLeish Places: Birmingham
