New fear on Brum takeover
BIRMINGHAM CITY’S proposed takeover is hanging in the balance.
Businessman Paul Richardson and former Argentine and Torino striker Maxi Lopez announced themselves as the new owners seven weeks ago.
The duo confirmed they had exchanged contracts, paid a deposit and had finance in place to complete the purchase from current owners Birmingham Sports’ Holdings Ltd.
That position was boosted following a club statement late last week – but time is now running short on a exclusivity clause which would allow the club’s owners to speak to any rival investors from next week.
Doubts
Richardson and Lopez insisted last week that they were in discussions with the English Football League in an attempt to progress their purchase.
But despite an EFL board meeting this week at which the situation was on the agenda there is zero chance of the deal being approved before mid-september.
EFL chief executive Trevor Birch confirmed last month that he ‘hadn’t had all the details to even consider it’ – and it is understood that the situation is little advanced from that.
Doubts have surfaced that Richardson and Lopez had the necessary funding to do the deal from day one.
The pair have been allowed freedom of the stadium and the club’s training base at Wast Hills while also being pictured with new signings as they continue in their attempts to secure the vital backing required.
An employee at one specialist finance house that deals regularly with football clubs said: “They wanted to borrow £15million with St Andrew’s as security. The stadium also needs a serious amount spent on repairs.
“We didn’t want to know.” Birmingham have refused to comment on suggestions that the pair were bankrolling the continuing monthly losses of £1.5m.