Birmingham City’s proposed takeover is hanging in the balance.
Businessman Paul Richardson and former Argentine striker Maxi Lopez had been looking to seize control after announcing themselves as the prospective new owners seven weeks ago.
The duo confirmed they had exchanged contracts, paid a deposit and had the finance in place to complete the purchase from the current owners, Birmingham Sports’ Holdings Ltd.
That position was ratified following a statement by the club late last week but the clock is now ticking down to when the exclusivity on their deal runs out in the middle of the month.
And that means the buy-out is now in serious jeopardy.
Richardson and Lopez confirmed last week that they were in discussions with the English Football League to progress their purchase.
And there was a board meeting of the EFL this week to study their proposal. However, it appears that any information forwarded was minimal and there is no chance of any ratification before mid-September.
Indeed, EFL chief executive officer Trevor Birch confirmed last month that he ‘hadn’t had all the details to even consider it’ - and it is understood that the situation is little advanced from that.
Doubts have surfaced that Richardson and Lopez had the funds to do the deal from day one.
During the past few weeks they have continually attempted to source the finance but have found no takers.
An employee at one specialist finance house that deals regularly with football clubs said: “They wanted to borrow £15m with St Andrew’s as security. The stadium also needs a serious amount to be spent on repairs.
“We didn’t want to know.”
Birmingham City have also refused to comment on suggestions that the pair were bankrolling the continuing £1.5m monthly losses.
However, this would explain why Richardson and Lopez have been granted access all areas at St Andrew’s as the supposed sale process was complete.
They have been eating breakfast with the players, allowed the freedom of the stadium and the club’s training base at Wast Hills - and have been pictured with signings made late during the transfer window.
However, time is now running out for them and potential buyers will be free to speak to the club’s owners next week.
It now remains to be seen whether any interested parties will step out of the shadows and end the inertia that has gripped the club since the end of last season.
Birmingham City have refused to comment.
