Birmingham acting chairman Peter Pannu rejects takeover rumours

 

Birmingham acting chairman Peter Pannu has poured cold water on claims from Gianni Paladini that a takeover deal could be agreed within the next 10 days.

Paladini's Italian-led consortium is understood to have lodged an improved £30million bid for the npower Championship club at the start of November.

Although no deal has been accepted, the Solihull-based businessman claims to be currently looking through the club's books with a view to hopefully concluding an agreement by the end of next week.

But confusion is now rife after the latest statement from Pannu, who is currently in Hong Kong along with City's Far East owner Carson Yeung.

Pannu this morning told Birmingham's official website: "There are no active negotiations with the group involving Gianni Paladini or any of his associates.

"Should there be any agreement reached, there shall be formal announcements made in Hong Kong and also in the UK. I would urge that only official information should be relied upon and not rumours or speculation."

Pannu's response comes after fresh quotes from Paladini appeared in the media last night.

The former QPR chairman, who moved from his native Italy to the midlands in the 1960s, told Telegraph Sport: "We want to get a deal done very soon because we don't want to lose any players in January. I am hopeful that we can get something agreed within the next 10 days.

"I still believe Birmingham can get into the play-offs and our intention is to sign four or five players in the transfer window to strengthen the squad.

"We have spent a lot of money trying to get this completed and are currently looking through the books. Our intentions in buying Birmingham have never wavered, we want it done, and we are keen to get it all sorted by the end of next week."

Pannu has been exploring the potential for bringing in new owners or finding investment in the club.

A first offer from Paladini's consortium, believed to be around £25m, arrived in mid-September and was rejected.

The board of Birmingham International Holdings Limited, City's parent company, duly released a statement to the Hong Kong Stock Exchange on October 9 stating they were in talks with two different unnamed parties about the possible sale of the club.

Unconfirmed reports then surfaced at the start of November that Paladini had lodged a second, improved bid in the region of £30m, placing his consortium firmly in pole position.

The bid was never announced to the Hong Kong Stock Exchange and the status of the offer remains unclear, with the quotes from Pannu and Paladini over the last 24 hours only confusing matters.

The current state of play is likely to rest somewhere in the middle of the two versions of events although a decision over the sale of the club ultimately rests with Blues' current owner Yeung, who may be holding out for improved terms.

Hong Kong businessman Yeung is currently unable to leave the Far East as he prepares for a court date later this month over alleged money laundering.

PA

Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Career Services

Day In a Page

The Greek referendum exposes a gaping hole at the heart of the European Union – its distinct lack of any genuine popular legitimacy

Gaping hole at the heart of the European Union

Treatment of Greece has shown up a lack of genuine legitimacy
Number of young homeless in Britain 'more than three times the official figures'

'Everything changed when I went to the hostel'

Number of young homeless people in Britain is 'more than three times the official figures'
Compton Cricket Club

Compton Cricket Club

Portraits of LA cricketers from notorious suburb to be displayed in London
London now the global money-laundering centre for the drug trade, says crime expert

Wlecome to London, drug money-laundering centre for the world

'Mexico is its heart and London is its head'
The Buddhist temple minutes from Centre Court that helps a winner keep on winning

The Buddhist temple minutes from Centre Court

It helps a winner keep on winning
Is this the future of flying: battery-powered planes made of plastic, and without flight decks?

Is this the future of flying?

Battery-powered planes made of plastic, and without flight decks
Isis are barbarians – but the Caliphate is a dream at the heart of all Muslim traditions

Isis are barbarians

but the Caliphate is an ancient Muslim ideal
The Brink's-Mat curse strikes again: three tons of stolen gold that brought only grief

Curse of Brink's Mat strikes again

Death of John 'Goldfinger' Palmer the latest killing related to 1983 heist
Greece debt crisis: 'The ministers talk to us about miracles' – why Greeks are cynical ahead of the bailout referendum

'The ministers talk to us about miracles'

Why Greeks are cynical ahead of the bailout referendum
Call of the wild: How science is learning to decode the way animals communicate

Call of the wild

How science is learning to decode the way animals communicate
Greece debt crisis: What happened to democracy when it’s a case of 'Vote Yes or else'?

'The economic collapse has happened. What is at risk now is democracy...'

If it doesn’t work in Europe, how is it supposed to work in India or the Middle East, asks Robert Fisk
The science of swearing: What lies behind the use of four-letter words?

The science of swearing

What lies behind the use of four-letter words?
The Real Stories of Migrant Britain: Clive fled from Zimbabwe - now it won't have him back

The Real Stories of Migrant Britain

Clive fled from Zimbabwe - now it won’t have him back
Africa on the menu: Three foodie friends want to popularise dishes from the continent

Africa on the menu

Three foodie friends want to popularise dishes from the hot new continent
Donna Karan is stepping down after 30 years - so who will fill the DKNY creator's boots?

Who will fill Donna Karan's boots?

The designer is stepping down as Chief Designer of DKNY after 30 years. Alexander Fury looks back at the career of 'America's Chanel'