March 27, 2013 by jwkelly2012
Although most Bluenoses are busy asking “where has all the money gone” this article doesn’t really tell us anything more than we already knew.
The ‘Landan’ Guardian seems to take great joy in delivering our next piece of depressing news. It could well be true but in this piece i’m going to play the role of a bluetinted devil’s advocate.
The Guardian states that it has seen internal documents and that Pannu claimed by email to Birmingham City finance staff that Yeung had given him complete sole authority over the club, and they stress that at the time Pannu was not even a director.
It’s True, he wasn’t a director but that doesn’t mean Yeung hadn’t given him
control of the club.
The Guardian then reveals that Pannu had a 10% deal in place with the club for extra earnings and profits and was requesting that 300,000 should be paid to him.
Personally if I could get a Barrister to act on my behalf for 10% of winnings I’d be a happy man. This seems to me to be a good deal struck by Yeung, bit of an ‘injury lawyers 4 u’ deal where if you don’t win you don’t pay.
As it was, Pannu won the club £3.1 Million compensation of which the club had to pay £310,000 he let the club off win 10K and then paid tax on the earnings, not exactly cloak and daggers, shame we didn’t have to pay him £1 mil commission I say.
It is being claimed by The Guardian that Steve Mcmanaman has stated that “This is the first I’ve heard of this 10% arrangement” .
I’ve sat through a few Board meetings myself and can quite comfortably say that I have certainly ‘missed’ things that have been said in them, let’s hope for Steve Mcmanaman’s sake that someone doesn’t produce the minutes.
The Guardian then says that it asked Pannu about his 10% payment and whether he had formal authorisation for it and whether Yeung has the authority to bestow such control. The Guardian said Pannu declined to answer.
Earlier in the piece they said that Pannu had produced a document signed by Yeung that stated “I hereby certify,” it said, “that I authorize Mr Peter Pannu, the Acting Chairman of BCFC, to enter into, execute, deal in or with any contracts in relation to loan agreements, property deals, and any businesses deals [sic], any financial arrangements, in relation to the football club whilst in the capacity as Acting Chairman or Vice Chairman.”
Surely they didn’t need him to answer
The next paragraph talks of contradicting emails where the lawyers say Pannu was appointed acting Chairman in Oct 2010 but the email of authorisation from Yeung was in June 2010.
I read that as AUTHORISATION was in June 2010 but then APPOINTED chairman in Oct 2010. Seems straight forward to me.
The truth will all come out once the eagerly awaited sale is completed.
Keep Backing The Shirt