The news that Birmingham City president Carson Yeung's £59m money-laundering trial has been delayed until Spring 2013 is not great news for the club with potential takeovers in the offing as reported earlier.
Football News 24/7
A Hong Kong court has agreed to postpone the trial to allow for Yeung's defence team to gather further evidence.
District court judge Douglas Yau agreed to defer the trial date to April 29 next year following a request by Yeung's lawyer for more time to gather more evidence and better prepare their defence.
He said that Yeung had been "living in a state of limbo".
"The prosecution's allegation is simply the fact that he was a hairdresser and now he has so much money,"
Joseph Tse, a member of Yeung's defence team, told the district court packed with reporters in the southern Chinese city.
"Before 2001 he and his father were people of affluence. They had wealth and assets in China," Tse said, adding that they had owned a hotel on the mainland.
Yeung, a former hairdresser, bought Birmingham in a protracted takeover battle in October 2009 for 81.5 million pounds (then $130 million). But despite ending a 48-year streak without a major trophy by winning the 2011 League Cup, the club was relegated from the Premier League in 2011. It is currently 19th in the second-tier Championship, six points above the relegation zone.
Yeung Controls the club through his company Birmingham International, shares of which have been suspended from the Hong Kong stock exchange since he was arrested. The company said last week it was in advanced talks with one of several prospective buyers of the club, but did not name them.
Before his takeover of Birmingham, Yeung was a little-known businessman who reportedly invested in a Macau casino and owned a stake in a Hong Kong newspaper. His only previous experience with professional football consisted of a stint as chairman of Hong Kong Rangers Football Club from 2005-06.