Birmingham pays Seymour Pierce fee 28/04/2010 |
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Birmingham City has confirmed it has paid £2.2m to investment bank Seymour Pierce after a High Court ruling last month.
However, the club has also said that owner Carson Yeung's company, Birmingham International Holdings Limited (BIH), is to appeal against the decision.
The payment relates to unpaid consultancy fees Seymour Pierce claimed for advising Yeung when he first tried to take control of Birmingham almost three years ago and bought an initial 29.9 per cent stake in the club.
The bank won a High Court judgment last month against BIH, although the fees were not paid by the April 12 deadline.
That led to speculation that Seymour Pierce would try to sell the Midlands club but Birmingham said in a statement: "Birmingham International Holdings Limited announces that the full amount due to Seymour Pierce, as a result of litigation over alleged unpaid fees stemming from the 2007 role of Seymour Pierce in advising Grandtop International Holdings Limited in acquiring an interest in Birmingham City, has been fully paid.
"As previously announced, Birmingham International Holdings Limited is appealing the decision. Queen Counsel's advice had been sought and grounds of appeal had been filed.
"Birmingham International Holdings Limited will seek to have the interim charging order taken out by Seymour Pierce discharged immediately.
"It is stressed that Birmingham International Holdings Limited has not and will not lose control of Birmingham City Football Club as a result of this litigation."
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