Investment bank Seymour Pierce has effectively taken control of Birmingham and could put it up for sale after club owner Carson Yeung failed to pay a £2.2 million fee to the bank.
Last month, Seymour Pierce, the company chaired by Keith Harris, sued to recover the fee it said it was owed for laying the groundwork for Yeung's takeover of the club. The company won a court order requiring Yeung to pay by Monday, but as the money was not received Seymour Pierce can now gain a charge of the shares held by Yeung's company, Birmingham International Holdings.
"Seymour Pierce can take a charge over the shares of Birmingham City and do what they need to do with them to recover the money it is owed, so that means they could potentially sell them to another owner," Seymour Pierce spokesman Neil Bennett said on Sky Sports News.
Copyright (c) PA Sport 2009, All Rights Reserved.
Do YOU want to write for GiveMeSport? Get started today by signing-up and submitting an article HERE: http://gms.to/writeforgms