Gary Rowett will have woken up a happy man this morning with the new of just over £10million (HK$120mill) to be available in January and next year. It seems TTA (Trillion Trophy Asia) are finally steadying the ship, while kicking the old owners off for good.
What do this mean for the club?
Well £10 million is only enough for a couple of highly rated Championship players, so the money will have to be spent wisely if the club are to correlate with the statement of ‘returning to the Premier League’. But what it allows, is for Blues to be more competitive in the transfer window.
This is the biggest announcement we’ve had from BIH so far in this never ending saga, in terms of removing Carson Yeung for good and bringing in new investor, Paul Suen along with Trillion Trophy Asia.
£10.6million to be exact will be available to keep the club going until a full takeover takes place after these 18 months. This fee also includes players wages.
However, the main points that may be overlooked by the figures are; the re-listing of shares and the proposed EGM coming next month.
The shares can only be re-listed if the amount is already on the stock exchange. In other words, £10million is the starting block for the 2016/17 and 2017/18 season.
The all important EGM is set to take place on July 22nd – date confirmed on June 22nd.
This will officially outline who owns what amount of shares and the loan will be paid off to BIH from these relating shares.
What stands out is Paul Suen will own at least 60.78%, with that percentage expected to rise.
How long do we wait?
After the EGM, September 12 is the key date where everything is expected to be finalised. After this, if all goes well, the shares will then all be re-listed on October 27, allowing the funds (£10.6million) to be accessible in the next January transfer window. With Carson now out of the front seat, things can finally move forward from here.
Guess there is a light in the end of the tunnel after all…
Dates from oftenpartisan.co.uk