‘Circus continues’ – Birmingham City takeover collapses with new statement released

Paul Richardson and Maxi Lopez’s attempted Birmingham City takeover collapses with a new statement released on Friday afternoon.

The duo had been talks to buy the Championship outfit from current owners Birmingham Sports Holdings for the second half of 2022.

You may recall back in July, they expressed their hope of being within a matter of weeks of taking over at St Andrew’s, having an interview on Sky Sports, filmed themselves around the ground and plastered it over their socials.

Since when they have been trying to finalise a deal and get it passed the EFL, but not it seems after months of talks their company Maxco has today (Friday 2nd December) released a statement declaring their intention to pull out.

“We have been left with no alternative and are bitterly disappointed.”#BCFC #KRO https://t.co/R5ELSpQ9qW

— Birmingham City News (@BCFC_News) December 2, 2022

The statement reads: “Following several months of due diligence at BCFC Maxco has decided not to proceed with the purchase of the shareholding and stadium of BCFC at this time.

“In light of our due diligence we attempted to renegotiate the terms of the original agreement to reflect our understanding of the current business status, but could not agree revised terms with the current owners. “We have been left with no alternative and are bitterly disappointed as we know what this club means to the community and the very loyal fanbase. We really hope that BCFC finds an owner who is as passionate about this club as we are. Keep Right On!!”

Richardson and Lopez emerged as front runners after Laurence Bassini was unable to hammer out a deal which first came to light in early May. Since then they have been prominent on social media and have spent time at St Andrew’s and the training ground and have held meetings with the EFL.

The only public statement from the current owners was in a statement to Hong Kong Stock Exchange that BSH would part with 21.64 percent of Vong Pech’s shares in Birmingham City plc.

In early September, Birmingham City carried a statement on their website which confirmed the pair’s involvement: “The EFL were informed in July 2022 that the club’s owners had accepted an approach from Mr Richardson and Mr Lopez for both St Andrew’s stadium and a shareholding in the club.

“A deal was agreed which is subject to the EFL’s approval process. The parties are now working with the EFL to ensure they have the information required to make a decision on the proposed deal, and the roles of Mr. Richardson and Mr. Lopez as shareholders and directors, “In the meantime, the club has welcomed them to the stadium and to matches, so they can build the foundations for a successful working relationship and collaborate in the coming years.”

As things stand that collab seems unlikely with Richardson expressing his disappointment to BirminghamLive: “The club means a lot to me and I am gutted that we have not been able to complete the deal. I feel for the loyal staff and loyal supporters as I have been a Blues fan since I was a young lad.”

Meanwhile, Birmingham City posted an update on the redevelopment work at St. Andrew’s. The stadium has had a limited capacity for nearly two years, with both The Kop and Tilton Road stands remaining partly open, a year on from being completely closed due to safety concerns.

This has resulted in full capacity being reduced by about a third, and of course, it’s led to the frustration of Blues supporters and mocking from rivals fans.

The extent of the work has made definite deadlines hard to provide, though in October the club outlined their plan to work on the stadium throughout the World Cup break. 

Work continues. 🤝 https://t.co/E0TUcEXP1t pic.twitter.com/YW5TIDnNeR

— Birmingham City FC (@BCFC) December 1, 2022

This is what fans said as the Birmingham City takeover collapses with a new statement released…

@Ajmoore21: Things are unbelievably unsurprising… why were they allowed to take photos with all new signings?! 😂 #BCFC

@jackkelsall_: does this mean protests again or no? #bcfc #BSHLOUT

@R_1875: Jesus we’re fucked 😔 and anyone gloating or celebrating the fact PR & ML have pulled out of the takeover clearly doesn’t understand the mess we’re in #BCFC

@bobbyneil: Paul Richardson should stay as far away from the blues as possible. Small time Charlie trying to give it the biggun about buying the club who he supposedly supports, yet hasn’t got a pot to piss in. He should never be welcome back in any form. #BCFC #KRO

@swifty_bcfc: He was trying to get the club off BSHL and then move it on to proper people do you think any sane businessman will want to work with BSHL were fucked now

@_LukeStokes_: Always been team Moxley in all this anyway 👀 … time to get us some proper investment now. #bcfc

@orbry1979: Both Had the heart at club but really should have the money to buy the club properly in my eyes 🤷🏼‍♂️ not a percentage so hopefully now will open it up to someone who can buy the club properly 💰 🙏🏻 #BCFC #KRO

@RoughleySpeakin: Thank fuck for that. Such an amateur bid, right from the start, from a pair of chancers. From a positive point of view, it opens things up to prospective other parties, although these could be limited or even non-existent. Still a basket-case of a football club, off the pitch

@TheDDonPM: Thank fuck for that! #bcfc

@MarkWatson1875: Hahahahahaha what an absolutely massive shock this is… 🤦‍♂️

@jackowenn8: Circus continues 🎪

@jackkelsall_: well isn’t that just great, shambles

@Greekbluenose: Very hard to believe that the guys who held the car park press conference, made all the signings about them, held photoshoots with Zulus and posted photos with random Arab guys to tease fans were tyre kickers and chancers. And the folks on here who defended them to the hilt…

@dan_sweenz: I had my doubts anyway, gutted!

@sconeill89: Couldn’t just let us enjoy the bastard World Cup 😂😂

@Robmozz1: Absolute clowns these two. Have wasted 6 months of the club trying to find a credible owner who has the finance or financial backing. Last ditch attempt at the Chrysler man didn’t work so they pull out. At least Lopez can go back to his part time job at the local car dealer #BCFC

@RyanPearceBCFC: Actually don’t know how to feel about this

@AxavierEgan: Typical. Was always going to happen, lots of questions poses now about how we continue going forwards with all the things already in motion. Only hope is that there is someone waiting in the sidelines thats genuine. #bcfc

@DeeneyTheGenie: Storm the pitch at the end of the Blackpool game, protests start again #kro #bcfc #BSHLOUT

@BcfcMichael: Am I shocked? Not really 🤷🏻‍♂️ Just didn’t think these guys would end up with the club right from the beginning. You do wonder what’s next though. I mean who’s funding the current ground work? 🤦🏻‍♂️ #bcfc

@TheCityAssassin: So, the @BCFC takeover has collapsed! When will our luck change, The criminals are STILL in charge of our club! I feel fucking sick with rage. We need our club back in our control! #BSHLOUT #WeWantOurClubBack #BCFC #KRO #TimeForChange

@DustinAckers: One step forward, two steps back #BCFC #BSHLOut

https://t.co/EkazG3RsTa pic.twitter.com/eRXHaPvSFz

— Sean (@SeanFuery) December 2, 2022