Lopez and Richardson pull out of Birmingham City takeover

Paul Richardson and Maxi Lopez say they have pulled out of their bid to buy Birmingham City following five months of talks.

Richardson has confirmed that their company Maxco Capital were unable to agree revised terms after being granted exclusivity to complete a takeover in the summer.

Former Barcelona player Lopez and self-proclaimed “lifelong Birmingham fan” Richardson told Sky Sports News in July that they had paid a deposit and begun a period of due diligence into the club’s business.

At that time they said the takeover would be completed “within three weeks” and have since been pictured welcoming new signings to St Andrew’s.

But Richardson said in a statement on Friday: “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.

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“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.”

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Source : Sky Sports