Source: Daily_Mail
It's a Brum deal! Birmingham City threat as Carson Yeung fails to pay £2.2m bank debt
Birmingham City's successful season is in danger of being derailed after an investment bank threatened to take the club out of Carson Yeung' s control. [LNB]A row has erupted after a High Court judgment saw Seymour Pierce, owned by Barclays Premier League powerbroker Keith Harris, secure a legal claim over the club's shares following the non-payment of a £2.2million debt. [LNB]Despite an impressive campaign that has seen them reach ninth place in their first season back in the top flight, Birmingham face questions over their financial position since Yeung took charge of the club last October. [LNB] City slickers: Birmingham have enjoyed a fantastic season [LNB]The £40m transfer kitty he promised has failed to materialise, transfers for Michel from Sporting Gijon and Craig Gardner from Aston Villa during the last window are being paid for in instalments and manager Alex McLeish has not received assurances over funding as talks over an improved contract have stalled. [LNB]McLeish said: 'Hopefully, the whole thing doesn't gather momentum and it's a technicality and we can move forward. It's not something that will have me losing sleep. I've had no feedback from St Andrew's that I should be worried about anything.' [LNB]Asked whether this would affect his future, McLeish added: 'This is a great job. What would be better than this? Unless I'm getting asked to go to the giants of the game - and I don't see that happening - there's no problem going forward with Birmingham. I don't see anything out there that would appeal to me as much as this job does.' [LNB]Facing questions: Birmingham owner Carson Yeung[LNB]Hong Kong-based businessman Yeung is refusing to pay an invoice due on completion after help from the bank in closing the deal. [LNB]The bank can now exercise a charge over the club's shares from May 27, unless the debt is settled. That means they could even find a new buyer, if necessary, to recover the money. [LNB]Neil Bennett, spokesman for Seymour Pierce, said: 'There was a straightforward High Court judgment and the High Court refused them leave to appeal. The time for negotiation has passed. [LNB]'Whatever happens, Seymour Pierce will do their best to protect the interests of the club and fans.' [LNB]A statement from the club read: 'Birmingham International Holdings Ltd are seeking leave to appeal. The company stress the amount in dispute is immaterial and if payment is required, it will not have any material adverse effect on their financial condition or business. Birmingham International Holdings will not lose control of Birmingham City.' [LNB]Yeung took control after paying £81m to David Sullivan and David Gold, now West Ham's owners. [LNB]Yeung has a controlling interest through Birmingham International Holdings, which is part of his investment vehicle Grandtop International Ltd. Yeung is also trying to claw back £7.5m from Gold and Sullivan after claiming the share price he paid was too high.[LNB] Bankers take control of Birmingham over unpaid £2.2m to Yeung's advisersPremier League confirms legal bid against Ofcom's Sky TV price rulingMichel cleared to play for Birmingham as red card is chalked off by FABIRMINGHAM CITY FC
