Birmingham City: Maxi Lopez consortium pulls out of bid to buy Blues
- Published
Birmingham City last changed owners in 2016
The prospective new owners of Birmingham City, Paul Richardson and Maxi Lopez, have withdrawn their offer to buy the club, reports BBC Radio WM.
In a statement they said that, after due diligence work, they had failed to renegotiate the terms of their original agreement with Blues' current owners.
Businessman Richardson and ex-Barcelona striker Lopez began talks in July.
They said they were "bitterly disappointed" and have been left with "no alternative".
The Championship club have been owned by China-based Birmingham Sports Holdings Limited since 2016.
They bought the club as Trillion Trophy Asia to become their second successive ownership from Asia, following Carson Yeung's ownership.
The consortium involving Lopez and local clothing brand owner Richardson had been negotiating for four months to try and buy the club.
Lopez claimed in July that his consortium had paid a deposit and exchanged contracts to buy a 21% stake. The indication was that they were already at the club, making decisions.
But the proposed takeover still remains under investigation by the English Football League.
"Following several months of due diligence at Birmingham City Football Club, Maxco has decided not to proceed with the purchase of the shareholding and stadium of BCFC at this time," the statement said.
"In light of the due diligence we attempted to renegotiate the terms of the original agreements to reflect our understanding of the current business status, but we could not agree revised terms with the current owners.
"We have been left with no alternative and are bitterly disappointed as we know what this club means to the community and the very loyal fanbase.
"We really hope that BCFC finds a owner who is as passionate about the club as we are."
The timeline on Blues' takeover
3 November: Birmingham still under EFL investigation
4 August: No further news on potential takeover - Eustace
19 July: Lopez & Richardson aim to buy stake in Birmingham City
9 July: EFL await information on Birmingham City takeover
15 June: MP calls on government to block sale to Bassini
13 June: Bassini reportedly interested in Blues
18 Feb: Ian Dutton takes over as Blues MD
Fancy a movie tonight? Check out the stellar selection of films on BBC iPlayer
Welcome to the dangerous world of the yakuza...: Watch the slick, stylish drama Tokyo Vice on BBC iPlayer now
