Birmingham launches appeal against Seymour Pierce ruling 17/08/2010 |
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Birmingham City's owners will appeal against a legal judgment that ruled they owed the investment bank Seymour Pierce £2.5m.
In April, the High Court ruled in Seymour Pierce's favour when it claimed to be owed for consultancy services during Carson Yeung's takeover of the club.
When the payment was not made in April, Seymour Pierce obtained a charge over the shares in the club and threatened to take control and sell shares to recoup the money owed.
However, the club said this week it will appeal against the ruling. "Birmingham City FC can confirm that Birmingham International Holdings Ltd [formerly Grandtop International Holdings Ltd] have been granted leave by the court of appeal to defend the Seymour Pierce legal case," a statement read.
"Back in April 2010, Seymour Pierce put a charge over Blues shares and threatened to take control of the club due to a dispute over consultancy fees for their services during the club's takeover. This ended in Birmingham International Holdings having to pay a £2.5m bill to Seymour Pierce.
"But after receiving supporting grounds of appeal, the judge has given the club's owners leave to appeal against the judgment on the basis that there is 'a real prospect of success'.
"A date for the appeal will be confirmed in due course. The club cannot make any further comment on this situation."
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