The results are in from the AGM of Birmingham International Holdings Limited, the parent company of Birmingham City Football Club. And there has been a big change within the company.
Peter Pannu, previously sacked from the board for comments made to the media and on site Often Partisan, has been voted back onto the board as an executive director. Along with Anthony Cheung Kwai-Nang and Carson Wong Ka-Chun (non executive director).
Panos Pavlakis, currently running the operations of the football club, was not elected back onto the board at BIHL. But he remains in his position at the club.
The change shows that Carson Yeung, still majority shareholder, wields the most control over the parent company and therefore the football club.
It was Carson’s votes that enabled Pannu to return to the board. Only he favors the former Policeman. The rest of the board felt he was unsuitable for the role just weeks ago.
We can only speculate what this means for the club. Pannu lost his cool only weeks ago due to his sale plans being rejected by the BIHL board.
Supposedly he still faces the same problems as he did then. The board do not like his sale bid, which involves Jeremy Wray and some investors that are backing him.
The only thing I would be confident in assuming is that the sale is back on in some form or another. Pannu want’s the sale and if Carson is backing Pannu – then he must want the sale too.
Yeung may see too much of his money tied up in the club that he bought for £84 million pounds back in 2009. But the way it will be sold and how quickly looks likely to be the subject of a board room battle for some time yet.
Meanwhile, we have no idea what this means for Mr Pavlakis, who has done such a good job calming the waters in the UK. Mr Pannu does not favor the Greek and is now essentially his boss again.
The club expressed no gratitude to Pannu in a statement they released following his resignation.
My guess – and it is just my opinion. A stock listing in Honk Kong is very hard to come by and there are investors in BIHL that know this.
If BCFC is sold, the stock market will un-list BIHL and it will lose all of its value. This doesn’t concern Yeung and Pannu because Yeung wants to cash out and he is paying Pannu a large commission to do it on his behalf.
Meanwhile every other investor around the table is fighting him on it, because they above all wish to keep the club and therefore keep their stock market status.
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