Sullivan and Gold face High Court compensation claim
Thu 8th Apr 2010 | Legal
Carson Yeung is reported to be ready to take former Birmingham City FC owners David Sullivan and David Gold, to the High Court.
Yeung is seeking £5million in compensation from the pair after it emerged that he was unhappy with Premier League club’s finances after completing an £80million takeover last October according to the Mirror newspaper.
Yeung gained control of St Andrews from Sullivan and Gold, who later bought a controlling stake in West Ham in January.
Yeung was said to be shocked to inherit bills and liabilities totalling around £11million - including outgoing MD Karren Brady’s package of perks and bonuses.as well as Sullivan and Gold’s £420,000 in management fees for 2010 before leaving.
Sullivan and Gold were given a chance to settle out of court but refused despite offering to refund the management fees.
Yeung served the High Court writ yesterday as he believes he paid too much at £1 a share for City given the club posted a recent £20million loss.
However, Sullivan is expected to counter-sue for around £2million worth of unclaimed expenses from his reign and insists City officials have libelled his old regime.
Speaking to the Mirror newspaper, Sullivan claimed “Unfortunately as they started it we’ll be issuing writs ourselves.
“We’ll be counter-suing for several million.
“I don’t think it is right for people in football to sue each other as it is not good for either club.
“Right from the start we tried to find a way to resolve this amicably.
“Now the only gainers will be the lawyers.”
F.C. Business has an exclusive interview with Carson Yeung in the next issue (44) for more details or to subscribe to the magazine email agourley@fcbusiness.co.uk
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