Birmingham City’s owners have confirmed that they have sold the remaining 75% of St. Andrew’s that they owned to a company that deals in real estate and properties.
It was revealed last year that Vong Pech had purchased 25% of the famous ground, although the Cambodian businessman also bought into the club, and he actually holds the largest individual stake in Blues.
Birmingham Live have now confirmed that the rest of the ground has been sold off, as they explain an announcement was made on the Hong Kong Stock Exchange.
This update will inevitably worry fans, as football finance expert Kieran Maguire stated on Twitter, after looking into the news, that Blues would be getting £10.8m for the deal, yet they are renting it back at £1.25m a year.
An agreement for the next 12 years is in place, but that can be reviewed in four years time as part of the agreement.
Blues have had financial issues regularly in the past few years, which includes receiving a points deduction from the Football League.
Lee Bowyer’s side are currently battling to stay in the Championship ahead of their clash with Swansea on Good Friday.
Are these 12 facts about the Blues’ history genuine or not?
This is alarming news for Birmingham as you just have to look at the terms of the deals to see that it doesn’t really make sense, because if they pay £1.25m for 12 years they will have paid more in rent than the amount it was sold for.
Therefore, it’s clearly a short-term measure, but there are still a lot more questions that need answering, as well as understanding who is actually behind the deal.
Hopefully the fans will get the answers quickly, however this doesn’t look good at all.
Thoughts? Let us know in the comments below.