Carson Yeung has assured Birmingham City fans that he will continue to bankroll the club despite his arrest in Hong Kong. He also says that he wants to continue attending games, although whether his bail conditons will allow that remains to be seen.
Carson Yeung has assured Birmingham City fans that he will continue to bankroll the club despite his arrest in Hong Kong. He also says that he wants to continue attending games, although whether his bail conditons will allow that remains to be seen.
The club’s fans do not seem to be reassured and understandably so. The former owners had their critics, but many think that they would be preferable to current set up. After the excitement of winning the Carling Cup, the club experienced the blow of relegation and then saw their manager move across the city, albeit not initially welcomed by Villa fans.
Yeung has, of course, not been convicted of anything and asserts his innocence of charges of laundering £58m. He faces five criminal charges that carry a maximum sentence of 14 years in prison.
The shares of Birmingham International Holdings, the Hong Kong-based company that owns Birmingham City, were suspended from trading on Thursday. Peter Pannu, the acting chairman of Birmingham City, issued a statement saying that he did not believe the action was in relation to Birmingham International Holdings or its subsidiaries.
However, Mr Yeung’s lawyer said in court that HSBC, on hearing about his arrest, had expressed concern about a £70m loan to fund the club. The case is expected to drag on until next year, creating a pall over the club. One concern is that other clubs selling players to the Blues may demand cash up front rather than following the practice of accepting instalments.
The more general point that arises here is whether fit and proper person tests are adequate. Sometimes there is an urgency about selling a club and it seems that the background of a potential owner is not scrutinised as fully as it might be. There is, after all, an incentive for someone to enhance their reputation by an involvement in football and the Premier League in particular.