Investment bank Seymour Pierce are threatening to seize control of Birmingham City FC unless ?2.2million in fees that are owed by Carson Yeung's company are paid by May 27th.
The fees relate to advisory work that Seymour Pierce undertook in the early stages of Yeung's takeover of Birmingham City.
Spokesman Neil Bennett is quoted as saying:
“Seymour Pierce advised Carson Yeung and his company, which was then called Grandtop and is now called Birmingham International Holdings, a Hong Kong company, and they advised them on the takeover of Birmingham City and they were due to pay Seymour Pierce a success fee for ?2.2million.
“They didn't pay it. Seymour Pierce has gone to court , and won the High Court case. The Hong Kong company was given 14 days to pay the money.
“That expired on Monday. They haven't paid so in effect they are in contempt of court and Seymour Pierce has taken the necessary steps to effectively take control of Birmingham City to recover the debt.”
Post from: Premiership Today Football News
Seymour Pierce May Seize Birmingham City
