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Still in limbo - themaclad - 02-12-2022
The prospective new owners of Birmingham City, Paul Richardson and Maxi Lopez, have withdrawn their offer to buy the club, reports BBC Radio WM.
In a statement they said that, after due diligence work, they had failed to renegotiate the terms of their original agreement with Blues' current owners.
Businessman Richardson and ex-Barcelona striker Lopez began talks in July.
They said they were "bitterly disappointed" and have been left with "no alternative".
The Championship club have been owned by China-based Birmingham Sports Holdings Limited since 2016.
They bought the club as Trillion Trophy Asia to become their second successive ownership from Asia, following Carson Yeung's ownership.
The consortium involving Lopez and local clothing brand owner Richardson had been negotiating for four months to try and buy the club.
Lopez claimed in July that his consortium had paid a deposit and exchanged contracts to buy a 21% stake. The indication was that they were already at the club, making decisions.
But the proposed takeover remained under investigation by the English Football League (EFL).
"Following several months of due diligence at Birmingham City Football Club, Maxco has decided not to proceed with the purchase of the shareholding and stadium of BCFC at this time," the statement said.
"In light of the due diligence we attempted to renegotiate the terms of the original agreements to reflect our understanding of the current business status, but we could not agree revised terms with the current owners.
"We have been left with no alternative and are bitterly disappointed as we know what this club means to the community and the very loyal fanbase.
"We really hope that BCFC finds a owner who is as passionate about the club as we are."
The timeline on Blues' takeover
3 November: Birmingham still under EFL investigation
4 August: No further news on potential takeover - Eustace
19 July: Lopez & Richardson aim to buy stake in Birmingham City
9 July: EFL await information on Birmingham City takeover
15 June: MP calls on government to block sale to Bassini
13 June: Bassini reportedly interested in Blues
18 Feb: Ian Dutton takes over as Blues MD
21 Jan: Blues owners 'have no intention to sell'
20 Jan: Blues fans plan protest march against owners
RE: Still in limbo - themaclad - 21-02-2023
Birmingham City as a club and a "number of individuals" have been charged by the English Football League with alleged rule breaches as a result of an investigation into a takeover bid.
The EFL said "sufficient evidence" exists to issue charges of misconduct.
Those charges allege that a number people were allowed to act as 'relevant persons' without EFL approval.
There are also charges alleging the passing over of control of the club happened without requisite approval.
The multiple cases will be referred to an independent disciplinary commission and the EFL have said they will make no further comment.
In response, Birmingham released a statement which said they "acknowledge" the EFL's decision and subsequent charges, and confirmed there would be no further comment.
The Championship club have been owned by China-based Birmingham Sports Holdings Limited since 2016.
They bought the club as Trillion Trophy Asia to become their second successive ownership from Asia, following Carson Yeung's tenure.
There was an approach to acquire ownership of the club by Paul Richardson and Maxi Lopez, which came to an end in December, and separate negotiations with unnamed potential investors, but the EFL has not confirmed the identities of anyone involved in the case.
Blues are 18th in the Championship, just seven points clear of the relegation places, with 14 games left this season.
RE: Still in limbo - themaclad - 13-04-2023
Three members of a consortium who failed in a bid to buy Birmingham City have admitted breaching EFL rules over the owners and directors test.
Paul Richardson, Maxi Lopez and Matthew Southall accepted they took control of the Championship club without going through the proper sign-off procedure.
Southall also accepted a misconduct charge over signing a false declaration of his role as a 'relevant person'.
Their bid to buy Blues was made in July 2022 before pulling out in December.
"Matthew Southall, Paul Richardson, and Maxi Lopez have all admitted to breaching EFL Regulations in respect of the Owners and Directors' Test (OADT) following their unapproved involvement with Birmingham City Football Club in 2022" a statement from the English Football League said.
Businessman Richardson, together with former Barcelona striker Lopez, opened talks last summer with Blues' Chinese owners - Trillion Trophy Asia - over buying a 21% stake in the club.
More than three months later, the deal remained under review with the EFL with Richardson saying he was "providing operational funds" before emphasising they were "adhering" to procedure and "as far as we're aware, we haven't made any breaches, either us or the seller".
At the start of December, Richardson's team withdrew their offer after failing to "renegotiate the terms of their original agreement with Blues' current owners".
As a consequence of the ruling, Richardson and Lopez have been banned from acting as a 'relevant person' in any similar takeover bid for two months and one month, respectively. The sanctions are suspended until the end of the 2023-24 season.
Former Charlton chief executive Southall, who was set to be brought in as the new CEO at Birmingham, is subject to the same sanction but for six months, suspended for three until the end of next season.
All three have also been made liable for the £45,000 cost of the investigation.
The news comes on the same day Blues announced they are in exclusive negotiations with another prospective buyer.
Birmingham City last changed owners in 2016
Birmingham City have faced an uncertain future for some time
Birmingham City's owners say that they have entered a period of exclusive negotiations to sell the Championship club.
China-based Birmingham Sports Holdings Limited made the announcement via the Hong Kong Stock Exchange.
Two letters of intent have been entered into with a potential buyer.
The deal would also include the purchase of the club's St Andrew's stadium.
"The club's owner, Birmingham Sports Holdings Limited, has announced on the Hong Kong Stock Exchange that two letters of intent have been entered into with a potential purchaser," a club statement said.
"This is in relation to the exclusive negotiations of two potential transactions. One transaction would involve the disposal of 24% of the shares in Birmingham City PLC by Birmingham Sports Holdings Limited.
"The other transaction would involve the disposal of 21.64% of the shares in Birmingham City PLC by Oriental Rainbow Investments Limited and the entire issued share capital of Birmingham City Stadium Limited by Oriental Rainbow Investments Limited and Achiever Global Group Limited.
"The parties involved will now enter a period of exclusive negotiation to agree the final terms of the transactions which will formulate the Definitive Agreements. The Definitive Agreements are expected to be entered into within two months of the date of the letters of intent, at which time the potential purchaser will also be announced."
The club announced in January that its future was under discussion with regard to a "proposed investment deal".