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Brum's finances



CHAPPERS

DISCO SPENG
Jul 5, 2003
45,018
So how bad are they?

BBC News - Birmingham City auditors BDO resign

he auditors looking into the accounts of Birmingham City FC's parent company have resigned from the job.

Birmingham International Holdings said in a statement accountants BDO had stood down, saying they had not been able to get "consistent, reliable and complete" information from the company.

The club's owners said it would mean another delay to them publishing their accounts, dating back to June 2010.

They said they were in the process of appointing new auditors.

In June, BDO said it was "sceptical" whether it had received "all relevant information" from the club's directors, something owner Carson Yeung disagreed with.

He said at the time the club's directors had "taken all the steps" to give the auditors all the information required.

The dispute between the club and BDO had been in regard to Birmingham City PLC's results for the year to 30 June 2011, which were filed in June this year at Companies House.

Mr Yeung took control of Birmingham City in 2009 and is the club's largest single shareholder with a 26.3% stake
 








CHAPPERS

DISCO SPENG
Jul 5, 2003
45,018
It's so f***ing dodgy. They haven't published their accounts to June 2010? Hmmm. Soon to go bust I reckon.
 


It strange because Carson Yeung doesn't sound dodgy at all...

At age 16 he lived in London. At age 19 he returned to Hong Kong to work. Up until the 1990s he was in a Tsim Sha Tsui barber shop called "Vanity", and was trained as a hairdresser.

Yeung did not begin his investment career until he made his first fortune from the HK real estate industry.[4] In 1997 he began having some investment trouble from the Asian financial crisis. He tried to recover from investing in penny stocks in 1999 to use shares to cover failed shares.[4]
The BBC says that he "made his fortune on penny stocks in neighbouring Macau."[5]
In 2004 he then co-founded Greek Mythology, a luxury casino in Macau.[4] He was also once the head of a human resources department at a gas company.[6]

Yeung was the chairman of Hong Kong First Division outfit Hong Kong Rangers from 2005 to 2006.[2] In 2005 he made an £80,000 donation to the local football association after buying shirts worn by famous English footballers at auction.[6]
In 2007, he unsuccessfully attempted to take over Birmingham City.[7] Yeung failed to deliver the money for the takeover by the deadline of 30 November 2007 and as a result the takeover bid fell through.
 






Jim D

Well-known member
Jul 23, 2003
5,266
Worthing
Seems a bit like Rangers under White - they're about to find out that there isn't any money left.
 






Tricky Dicky

New member
Jul 27, 2004
13,558
Sunny Shoreham
It strange because Carson Yeung doesn't sound dodgy at all...

At age 16 he lived in London. At age 19 he returned to Hong Kong to work. Up until the 1990s he was in a Tsim Sha Tsui barber shop called "Vanity", and was trained as a hairdresser.

Yeung did not begin his investment career until he made his first fortune from the HK real estate industry.[4] In 1997 he began having some investment trouble from the Asian financial crisis. He tried to recover from investing in penny stocks in 1999 to use shares to cover failed shares.[4]
The BBC says that he "made his fortune on penny stocks in neighbouring Macau."[5]
In 2004 he then co-founded Greek Mythology, a luxury casino in Macau.[4] He was also once the head of a human resources department at a gas company.[6]

Yeung was the chairman of Hong Kong First Division outfit Hong Kong Rangers from 2005 to 2006.[2] In 2005 he made an £80,000 donation to the local football association after buying shirts worn by famous English footballers at auction.[6]
In 2007, he unsuccessfully attempted to take over Birmingham City.[7] Yeung failed to deliver the money for the takeover by the deadline of 30 November 2007 and as a result the takeover bid fell through.

That's some CV - barber to dodgy tycoon in 2 easy steps.
 








ditchy

a man with a sound track record as a source of qua
Jul 8, 2003
5,235
brighton
This day and age it looks as no real professional team goes bust . There is always someone to come up with a dodgy recue plan or a way round giving creditors sweet FA yet they carry on trading regardless as though its ok to fail in business. Even smaller non league teams seem capable of doing it . In fact its almost ok to do this in everyday business, as being a bankrupt today seems to be no blight on society or your ability to start up again and continue to rip off the same customers as before.
 


Titanic

Super Moderator
Helpful Moderator
Jul 5, 2003
39,711
West Sussex
This day and age it looks as no real professional team goes bust . There is always someone to come up with a dodgy recue plan or a way round giving creditors sweet FA yet they carry on trading regardless as though its ok to fail in business. Even smaller non league teams seem capable of doing it . In fact its almost ok to do this in everyday business, as being a bankrupt today seems to be no blight on society or your ability to start up again and continue to rip off the same customers as before.

I find it INCREDIBLE that anyone lets themselves get in the position where they are owed money by a football club these days.
 




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