Birmingham City settle Seymour Pierce costs
Tue 27th Apr 2010 | Money & Finance
Birmingham have confirmed they have adhered to a High Court ruling and paid £2.2million to investment bank Seymour Pierce.
But they have also reiterated that owner Carson Yeung's company, Birmingham International Holdings Limited (BIH), is to appeal against the decision.
The payment relates to unpaid consultancy fees Seymour Pierce claimed for advising Yeung when he first tried to take control of City nearly three years ago and bought an initial 29.9% stake in the club.
They won a High Court judgement last month against BIH, although the fees were not paid by the April 12 deadline.
That led to speculation that Seymour Pierce would try and sell the midlands club but that situation has been resolved with the payment to them.
Birmingham, in a media statement, said: "Birmingham International Holdings Limited announces that the full amount due to Seymour Pierce, as a result of litigation over alleged unpaid fees stemming from the 2007 role of Seymour Pierce in advising Grandtop International Holdings Limited in acquiring an interest in Birmingham City, has been fully paid.
"As previously announced, Birmingham International Holdings Limited is appealing the decision.
"Queen Counsel's advice had been sought and grounds of appeal had been filed.
"Birmingham International Holdings Limited will seek to have the interim charging order taken out by Seymour Pierce discharged immediately.
"It is stressed that Birmingham International Holdings Limited has not and will not lose control of Birmingham City Football Club as a result of this litigation."
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