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10/04/2008
Shares Suspended After Football Tax Probe
Birmingham City Football Club shares were temporarily suspended today after the arrest, and subsequent bail release of the clubs co-owner, David Sullivan and managing director, Karren Brady.
The City of London's economic crime unit raided the club's office last month amid what police have said is "an ongoing investigation into football corruption".
A statement issued today by the club said: "The City of London Police investigation is focusing on payments to a football agent and two players dating back to 2002-03.
"There is absolutely no allegation that any director of the company or the club itself has benefited financially from any of this activity."
The Premier League club also added the investigation was relating to "the payment, or possible non payment of PAYE and National Insurance contributions".
Ms Brady, 39, is also chairman of Kerrang! Magazine, and non-executive director of Channel 4, Mothercare and Sport England.
Mr Sullivan, 59, co-owns the football club with brothers Ralph and David Gold.
A further seven people are currently on bail as part of the investigation.
Shares in the company had been selling for 35.5p until the suspension, which came half an hour before trading began.
(DS/JM/KMcA)
The City of London's economic crime unit raided the club's office last month amid what police have said is "an ongoing investigation into football corruption".
A statement issued today by the club said: "The City of London Police investigation is focusing on payments to a football agent and two players dating back to 2002-03.
"There is absolutely no allegation that any director of the company or the club itself has benefited financially from any of this activity."
The Premier League club also added the investigation was relating to "the payment, or possible non payment of PAYE and National Insurance contributions".
Ms Brady, 39, is also chairman of Kerrang! Magazine, and non-executive director of Channel 4, Mothercare and Sport England.
Mr Sullivan, 59, co-owns the football club with brothers Ralph and David Gold.
A further seven people are currently on bail as part of the investigation.
Shares in the company had been selling for 35.5p until the suspension, which came half an hour before trading began.
(DS/JM/KMcA)
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