Birmingham City: Club closer to sale, says acting chairman Pannu

Birmingham City acting chairman Peter Pannu says approval of their parent company's accounts in Hong Kong may speed up the club's proposed sale.

The long-awaited financial results for the year to 30 June 2011 were approved on Friday at Birmingham International Holdings Ltd's annual general meeting.

"I'm glad the past outstanding accounts have been passed through," said Pannu.

"This is a milestone and a pre-condition if we were to sell the football club, if appropriate."

Pannu, who was re-elected onto the BIHL board on Friday as chief executive, having first been appointed in September 2012, continued: "It is a step towards the resumption of the trading of BIHL's stocks on the Hong Kong Stock Exchange, which had been suspended for sometime.

"Now we need to move ahead and prepare for the sale of the club, if the terms are right, and also to prepare for the next season in the interim.

"The results of the AGM are encouraging for me and my staff here in Hong Kong and in the UK and it shows that our work, under very trying circumstances, over the past two years has been acknowledged by the voting shareholders who effectively own the parent company and the club."

There have been reports of a number of consortia interested in taking over the club, but as yet there are no firm offers on the table.

Pannu, 49, added: "There are many challenges ahead and we still need to work together in the best interests of the football club and our loyal fans.

"Another point to note from this AGM and the counted votes is that we should not, as I have been emphasising all along, be distracted by inaccurate and misleading reports of the intentions of shareholders prior to the AGM and what their plans were. The events of the AGM has proven many wrong.

"The AGM was also an opportunity which many local media took and the floor was opened up for a question and answer session where there were a free flow of exchanges on a range of topics.