Article title: “Birmingham City supporters turn on club over £14m debt to owner Yeung”
Original link: The Guardian
Author: David Conn
Birmingham City’s supporters trust has criticised the club’s governance after City’s 2011-12 accounts revealed a bizarre sponsorship arrangement, the club still owing £14m to Carson Yeung who is awaiting trial for money-laundering, and an unnamed director being paid £687,611.
Some fans assumed the salary was paid to Peter Pannu, who divides his time between Hong Kong and Birmingham but is the City director most involved actually running the club at St Andrew’s. Yeung, though, remains a Birmingham City director. His son, Ryan, is City’s only other director.
The accounts show that after the club’s relegation from the Premier League in May 2011, City’s sale of players, including Craig Gardner (to Sunderland), Cameron Jerome (Stoke City), Roger Johnson (Woverhampton Wanderers) and Scott Dann (Blackburn Rovers) made a £20m gain and dramatically reduced the club’s wage bill. That led to an overall profit of £16m, although City made an operating loss of £4m. Parachute payments kept income up at £39m, down from £61m in the Premier League.
Full article: here