A consortium led by businessman Paul Richardson and former footballer Maxi Lopez are set to make a sizeable down payment today and that will take them a big step closer to taking control of Birmingham City, according to the Daily Mirror.
The duo were previously unable to make meaningful progress on a deal earlier in the summer with former Watford chairman Laurence Bassini being given a period of exclusivity to get a deal over the line.
However, with Bassini being unable to cough up the necessary funds to complete a deal, Lopez and Richardson stepped in once more as they retained their interest and are now edging closer to finalising an agreement.
They are set to take over the West Midlands side over a two-year period, initially acquiring Vong Pech’s 21.64% stake in the club before taking full control of the second-tier side in 2024.
That should end Birmingham Sports Holdings Limited’s (BSHL) involvement with John Eustace’s men following a turbulent time at the helm, with the side underperforming since their arrival in 2016.
According to this latest report from the Mirror, manager Eustace is set to be given a chance to impress under the club’s new ownership after holding positive talks with businessman Richardson, with this takeover deal now set to go ahead pending approval from the EFL.
The Verdict:
This looks to be a dream takeover for Blues and it’s well-deserved considering how loyal the supporters have been despite disappointment in recent years.
Richardson has the business side of things covered whilst Lopez can make footballing-based decisions based on his first-hand experiences of the game over the years.
The two look to be a good match and may balance each other out, making Birmingham a successful force without overspending in the transfer market, something that will be key to their success.
They face the prospect of needing to abide by very tight restrictions if they did breach the EFL’s financial rules and this would be a huge barrier in their quest to level up and compete at the right end of the table, so they will need to remain sensible and try to get value for money on players.
That will be crucial to their success - because overspending during Harry Redknapp’s time in charge and forking out on eye-watering salaries for players in the second tier has played a big part in their recent downfall.
Flirting with relegation for an uncomfortable amount of time now, big changes in the boardroom could be coming at just the right time.