Former Watford owner Laurence Bassini expects his proposed takeover of Championship side Birmingham to go through within the next week.
The controversial London-based businessman claims the takeover will cost £35million - just £10m of which he says will be his own money.
Speaking in a revealing interview on national radio station talkSPORT , Bassini also says former Blues' owner and current co-chair of West Ham David Sullivan has provided some of the funds. The largest shareholder at Far East-owned Brum, Vong Pech, earlier this week agreed to sell his 21.64 per cent stake in the club - although it remains unclear as to the identity of the buyer.
Bassini, who has been declared bankrupt twice in the past, was owner of Watford for a 13-month period from 2011 to 2012. He completed a takeover in May 2011 before selling up just over a year later. But in March 2013 an independent disciplinary commission found Bassini guilty of misconduct and dishonesty over financial dealings on behalf of the Hertfordshire club. He was subsequently banned from being involved in the Football League for three years.
He has failed with takeover bids in the past for a number of clubs including Charlton and Bolton. Now, it would seem his attentions are clearly fixed on the Blues.
“It’s quite true that I did serve a three-year ban, where I was accused of dishonesty and lying," Bassini said. "There will be a press conference where I will be producing all the things that went on in the past at Watford and Bolton that will show all the skulduggery."
“£10million,” Bassini replied when asked how much money he was investing.
“I have shares and I’m borrowing £10million against my shares. I will appear with a bank statement to show I’ve got the money. At the moment they’re working out a completion date. But there’s an issue with a majority shareholder, so we don’t know what the situation is with him at the moment. We exchanged contracts on Sunday night, we’ve signed, so providing there’s no problem with the stock market in Hong Kong…
Regards the finer details of the purchase, Bassini was asked how much the new board would put into the playing budget at St Andrew's.
“After we buy it for £35m, about £30m," he said "We have a plan. We think the first season we will struggle, but we hope to be playing in the top six or the top 10 in the first season. If I complete, I will only stay for three years - win or lose. One thing I can tell you is that I’ll be better than the regime that’s there now.”
Despite his promises, the proposed takeover has not gone down well with a portion of the Birmingham fanbase. Many remain sceptical given his past dealings in football but have also been fatigued by the running of the club's current owners, with protests evident throughout last season.
Meanwhile, a Birmingham MP has called on the Government to block the planned takeover.
Shabana Mahmood, the Labour MP for Ladywood, said: "For years, Blues fans have watched with devastation as financial and professional mismanagement has driven their beloved club to the brink.
"After meeting with top officials at the club and fans this year, I was hopeful that the club might turn a corner. Bassini has a history of bankruptcy, failed takeover bids, and legal action against struggling clubs. His track record is exactly the reason why football needs a strong regulator and a more robust process to decide who can be a club owner or director. If the government really wanted to make good on its promise to put football fans first they would step in and stop this deal from happening."
Birmingham have finished in the bottom half of the Championship for the past six seasons, finishing just ten points clear of safety last term.
