Mr Pannu has responded to the doom and gloom stories being published by a press who clearly haven’t a clue what is happening at the club.
The key points are:
There were queries relating to the Xtep deal, the accounting treatment and details of an unannounced “counter sponsorship” arrangement between BIHL and the sponsor as personally handled by Mr Vico Hui and Miss Pauline Wong. This resulted in delays to the account. Mr Hui has now resigned from the board of BIHL.
The year end accounts to June 2011 showed a loss of £12million. We are currently preparing the accounts for the year end June 2012 and we shall be revealing substantial profits for that period.
Prospective buyers are continuing to maintain a close rapport with the club but there is so far no meaningful deal in place for the board’s consideration.
The board shall endeavour to ensure that the club survives and proceeds as a going concern… Our supporters should be reassured that the club will not accept any derisory financial offers for any of our key players, as has been suggested… I’d like to make it clear that Jack Butland and Nathan Redmond are not for sale unless we are subject to an eye-popping offer.
We have presented all the facts and projected financial results for the 2011/12 season to the Football League and are awaiting news on the lifting of the transfer embargo.
Read the full statement here.
I think this a very positive statement and I hope it brings some reassurance to Blues fans as we head towards the start of the new season.
Kev
whilst i agree this statement by pannu are on the whole possitive if you read the full version he also stated that jordan much had a deep desire to go to cardiff and his wish was granted by bcfc implying it was mutch that asked for the move.
however reading mutchs statement earlier today it was clearly not his idea.
which for me typifies the whole feeling around the club at the moment you just dont know who to believe
lets all hope things work out and if hes right there are potential buyers for the club because he just told us there are (unless we frighten them off apparently )
Agree Dave same as last years exodus then Jan’s exodus, we don’t know who is misleading us or if the truth is somewhere inbetween.
Though i am still glad of the statement as there are some positives and insight into the problems at BIHL. Sounds like they should be calling in the fraud squad in HK over these two board members.
I don’t belive fans rants over Carson taking monies back to China though he and BIHL would be entitled to something as we owe them £20 million. I would just hope that if any of these debts were being repaid in part or full that we knew about it at the time and not when the accounts might be published in the forthcoming months.
I think the league should be lifting the embargo as it seems BIHL & BCFC are trying to run things correctly, but have been undermined (to say the least) by some board members.
Hui has resigned and didn’t even turn up for a board meeting to answer questions on the Xtep & BCFC Logo matters.
Sorry Kev, but having read the full report this just doesn’t stack up. They lost 12million in 2012 but made a substancial profit in 2012. you don’t need to be a rocket scientist to work out the ball park figure. £25million on transfers, european run and quarter finals of FA cup, parachute payment from PL and all this on vastly reduced wages. By my reconning they should be awash with money but they are not.
they sell Mutch for a reported 1 million but say they will only sell Butland or Redmonnd if they recieve an eye popping offer. maybe the same eye popping offer recieved for Mutch???
These people are not honest business men, they are criminals and the FA should stop them buying OR SELLING until full audits have been made both in England and Honk Kong. It is worth pointing out the the account produced from the uk side were deemed highly dubious by the auditors. my view is the criminal investigations should be conducted before any more money disapears
Sorry Caz don”t agree. The loss was for the previous year. It”s a fact that you make a loss when you go down.
I gather the Mutch transfer was more 3 million which is about right IMO. We also secured a sell on clause.
No one is a crook because no one has been convicted. Yeung hasn’t taken any money out of the club in fact he mortgaged his house to put money in.
Is everything alright? I have no idea, but I have been saying for ages that I don’t believe things are as bad as the media have been saying. This seems to back that up, unless you choose to disbelieve the statement of course.
The biggest issue to me is the fact that the Chinese aren’t very forthcoming with information which allows doomsayers to have a field day.