Birmingham City takeover bid falls through
Talks had been ongoing since July.
Last updated 3rd Dec 2022
A consortium has pulled out of plans to buy Birmingham City Football Club.
Paul Richardson and Maxi Lopez began talks about taking over at St Andrews in July, but have been unable to agree terms on a deal with the current owners.
In a statement, they said they were "bitterly disappointed" and have been left with "no alternative".
The Championship club have been owned by Birmingham Sports Holdings Limited, who are based in China, since 2016.
The takeover bid looked to be progressing in the summer, with Lopez claiming that his consortium had exchanged contracts. But the deal was still being investigated by the English Football League (EFL).
A statement released last night (December 2) said: "Following several months of due diligence at Birmingham City Football Club, Maxco has decided not to proceed with the purchase of the shareholding and stadium of BCFC at this time.
"In light of the due diligence we attempted to renegotiate the terms of the original agreements to reflect our understanding of the current business status, but we 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 the club as we are."
The club has yet to comment.