Birmingham City: Asian firm granted two-year exclusivity period
- Published
St Andrew's has not staged Premier League football since Blues were last relegated in 2012
An Asia-based firm has been granted a two-year exclusivity period to bid for Birmingham City by the club's Hong Kong-based parent company.
After months of speculation, Birmingham International Holdings Ltd has made a statement to the HK Stock Exchange announcing that Trillion Trophy Asia Ltd has become the preferred bidder.
Trillion Trophy has promised the club a loan facility of £12.5m.
That will be secured against the club's 109-year-old home at St Andrew's.
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"It seems like an incredibly long period, but this is to give both parties space to strike a deal for the sale and is not a guarantee that a takeover will happen. It does stop others from trying to muscle in though." Nick Clitheroe (BBC Midlands Today) |
The club will also get an initial deposit of £880,000 as security for their bank loans with HSBC in the UK.
If they fail to come up with either of these sums the exclusivity period will be terminated.
Ernst & Young, the receivers who have been running Birmingham International Holdings Ltd since February, had already stated that seven different offers have been made, one of which was then shortlisted., external
Carson Yeung, the club's former chairman, who was was jailed for six years in March 2014 for money laundering, lost his appeal in May.
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