The latest accounts of parent company once again reveal the price of relegation from the Premier League in 2011.
Birmingham International Holdings have today announced their latest figures which underline how the firm has come to rely on Trillion Trophy Asia鈥檚 bail-out.
In the 12 months up to the end of June 2016 BIH moved from a position of net assets of around 拢4.6m to net liabilities of more than 拢5.3m.
The year covered was the first following the loss of parachute payments from the Premier League, a loss of around 拢7.8 million in funding.
Most of this has been met by a large increase in borrowing, up more than 拢8.6m, from new owners TTA. That borrowing has also funded an increase in Birmingham City鈥檚 transfer spending of over 拢750,000.
BIHL鈥檚 position is described in fairly stark terms in the announcement to the Hong Kong Stock Exchange.
It said: 鈥淭hese conditions indicate that the existence of a material uncertainty which may cast significant doubt on the Group鈥檚 ability to continue as a going concern.
鈥淣evertheless, the directors of the Company are of the opinion that the Group will have sufficient working capital to meet its financial obligations...for the next twelve months given that the Company has entered into a loan facility agreement...with Trillion Trophy Asia Limited.鈥
By contrast, the statement also reveals a relatively stable situation at St Andrew鈥檚, based around a solid performance by Gary Rowett鈥檚 team.
Revenue from match receipts and commercial activities has increased by approximately 5.7% compared to 30 June 2015 and the first team squad is recognised as being stronger than at any time in the last two years.
TTA, a company owned by low-profile businessman Paul Suen, will complete their buy-out of previous owner Carson Yeung on October 17.
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