While Blues secured their Championship status for another year by winning away at Rotherham on Monday, Birmingham Sports Holdings have been doing what it can to secure its own financial status on the Hong Kong stock exchange.
News broke on Monday night that Middlesbrough Chairman Steve Gibson is demanding an investigation into the financial conduct of three clubs in the Championship. Gibson is unhappy at the way Derby County, Sheffield Wednesday and our chums from across the expressway have skirted the P&S rules.
Birmingham City took another point towards confirming their Championship status for next season in a scrappy draw with Ipswich Town at Portman Road on Saturday. That draw leaves Blues in 18th place, six points clear of Rotherham in 22nd with four games remaining.
Statements made yesterday by Birmingham City and the EFL confirmed that neither the club nor the EFL will be appealing against the nine-point deduction laid down by the Disciplinary Commission in March. The EFL have also confirmed how Blues P&S calculation will be looked at for this year.
A well-fought 1-0 win over Leeds United ended Birmingham City’s run of defeats and pushed Blues into 17th spot above Queens Park Rangers. With six games left in the Championship season and five points separating Blues and Rotherham in 22nd place have Garry Monk’s men done enough to end fears of the dreaded “R” word?
The dust has now settled after the big news of Birmingham City being sanctioned with a nine-point deduction for breaching Profit and Sustainability rules. The questions now have to be asked as to how Birmingham City got into the mess it did and how it can ensure it does not happen again.
The EFL today confirmed in a statement that the independent disciplinary hearing has ruled that Birmingham City will be deducted nine points as a result of a breach of the League’s Profitability and Sustainability rules. The ruling brings to an end months of waiting to see what would happen and will be imposed on Blues immediately.
The 128th Second City Derby has been one of controversy. While the result saw Blues suffer defeat to their hated rivals and ensure the long run without a league win in this fixture goes on, an incident at the ground has further marred the fixture and has caused all manner of hot takes on the internet.
Just prior to announcing their interim results on Thursday, Birmingham Sports Holdings also announced a rights issue in an attempt to raise HK$297.7million. The purpose of the rights issue is to reduce the frightening levels of borrowing within the company and to provide more working capital to keep the company going.
Birmingham Sports Holdings today announced their interim results for the six months ending December 31, 2018 today. The results have shown some improvements but the company still reported a HK$173million (around £16.6million) loss in just six months.