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Pannu seeks to calm fans' fears
Published : 28 Jul 2011 19:00:19
Acting chairman Peter Pannu has played down fears of a financial crisis at Birmingham but admits players on Premier League wages will have to be off-loaded.
Pannu had claimed that "unpopular decisions" will have to be made when he returns from the Far East in the middle of next week. Now Pannu has acted to calm fears of supporters over the club's financial position after leading share-holder Carson Yeung's assets were frozen in Hong Kong after he was charged with money laundering.
"I wish to make it clear that, whilst the benefactor's legal wrangles do pose some problems, we have sufficient contingency plans to cater for the temporary difficulties thrown at us," Pannu told bcfc.com.
"Our bankers (HSBC) have been very supportive and we currently still stand in a positive credit balance with them."
Pannu added: "When we talk about offloading players, we will consider players on Premier League wages as this is not a sustainable scenario for an npower Championship club.
"Clubs need to adjust to the new environment, particularly when the Football League has endorsed the practices of UEFA's Financial Fair Play Rules.
"Whilst in an ideal world we would wish to retain all of our star players, it is not realistic to do so.
"The club is happy to entertain their requests to play Premier League football but only if it also fits into our financial strategy.
"I wish to assure supporters that what we are addressing is no more and no less than what a prudently managed club would do."
Blues have already sold Roger Johnson, Craig Gardner and Barry Ferguson from last season's first team.