Significant update emerges on Birmingham City’s proposed takeover | OneFootball

Paul Richardson and Maxi Lopez long proposed takeover at Birmingham City will not be going ahead.

That is according to a statement released by their company Maxco this afternoon, via BirminghamLive, which stated: “Following several months of due diligence at BCFC Maxco has decided not to proceed with the purchase of the shareholding and stadium of BCFC at this time.”

“In light of our due diligence we attempted to renegotiate the terms of the original agreement to reflect our understanding of the current business status, but could not agree revised terms with the current owners.

“We have been left with no alternative and are bitterly disappointed as we know what this club means to the community and the very loyal fanbase. We really hope that BCFC finds an owner who is as passionate about this club as we are. Keep Right On!!”

How did we get here?

Paul Richardson and Maxi Lopez first emerged as serious potential buyers for the Championship club back in July, when their consortium were granted exclusivity to get a deal done.

At that time the pair were hopeful of a deal being done in just a few weeks.

However, as a saga, it has dragged on for months, with constant hitches, including the EFL investigating the situation with regards to who is the beneficial owner of shares in Birmingham Sports Holdings, the company that own the Blues.

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It is now public knowledge that the pair had been funding the club, too, with reports that Birmingham could even be charged for the fact under EFL rules.

At the beginning of November, though, Richardson stressed he had done nothing wrong and was still confident of a deal being done, telling TalkSPORT, when asked if confident of still doing a deal: “Yeah, there is no indication otherwise we have a willing buyer and a wiling seller that’s what you need. We are in constant talks with the EFL and we will do everything in our powers to satisfy their needs.“

The Verdict

This latest update can be viewed in two ways to be honest.

On the one hand, it will definitely be disappointing to some Blues supporters out there who had pinned their hopes on the club going forward to this takeover.

However, on the other hand, at least the supporters have some clarity at last.

It is a saga that has been well drawn out and it feels as though the fans have constantly been strung along.

That is not to say Richardson and Lopez were not serious, though – they were funding the club’s operations, you don’t do that if you are not serious.

Looking forwards, it remains to be seen whether or not the club gets sold in the long term.

With the current ownership seemingly willing sellers , though, it may not be long before others potential takeover candidates emerge.