Source: PA
Blues seek cash boost
Birmingham owner Carson Yeung will put up personal property assets in an effort to bring in new investment to keep the club solvent.
A statement by Birmingham International Holdings to the Hong Kong Stock Exchange revealed the group had liabilities exceeding its assets by approximately £27million.
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".
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.
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.
According to BIH, Yeung's funds will "provide sufficient financial resources" to allow the business to continue "without significant curtailment of its operation".
