Birmingham Chairman calms fans' financial fears
Fri 29th Jul 2011 | Money & Finance
Birmingham City's acting chairman Peter Pannu has moved to calm supporters' fears over the club's financial position.
Supporters have been contacted the club to express their concerns over reports that the club faced financial difficulty following the freezing of owner, Caron Yeung’s assets in Hong Kong.
Birmingham have moved to make no secret of the fact that they are addressing the financial realities that come with relegation from the Barclays Premier League.
Pannu told bcfc.com: "I wish to make it clear that whilst the benefactor's legal wrangles does pose some problems, we have sufficient contingency plans to cater for the temporary difficulties thrown at us.
"Our bankers have been very supportive and we currently still stand in a positive credit balance with them.
"When we talk about offloading players, we will consider players on Premier League wages as this is not a sustainable scenario for an npower Championship club.
“Clubs need to adjust to the new environment, particularly when the Football League has endorsed the practices of UEFA's Financial Fair Play Rules.
"Whilst in an ideal world we would wish to retain all of our star players, it is not realistic to do so. The club is happy to entertain their requests to play Premier League football but only if it also fits into our financial strategy.
"I wish to assure supporters that what we are addressing is no more and no less than what a prudently managed club would do."
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