PHILLIPS SET FOR BRUM EXIT
Birmingham owner Alan Phillips has confirmed he is seeking new owners for the Brummies as the club suffers “short-term cash flow problems.”
25 / 06 / 2014, 13:28
Birmingham owner Alan Phillips has confirmed he is seeking new owners for the Brummies after confirming the club is suffering with “short-term cash flow problems.”
The BSPA released a statement early this afternoon confirming the team will travel to Poole for their Elite League meeting tonight, despite doubts hanging over their future.
Phillips took sole charge of Birmingham over the winter after former co-promoter Chris Luty pulled out of the club. A year of off-track turbulence has also seen Graham and Denise Drury leave the Brummies management, along with former team boss Phil Morris.
Up to and including this season, over £400,000 has been invested into Birmingham Speedway and we have delivered the most successful period in the club’s history. Sadly, this was not reflected in the attendances.
With concerns over attendances and attempts to draw investment into the club failing to bear fruit, Phillips is no longer prepared to sustain the club’s losses.
But the BSPA is keen to ensure the Brummies do not fold mid-season and Phillips hopes to find new owners.
In an official club statement, Phillips said: “The company, as stated repeatedly, is not “bust” - but it does have short-term cash flow problems which are minor by comparison.
“However, despite my repeated warnings that speedway is not sustainable at Perry Barr on current attendances, little has changed.
“In anticipation of this mid-season shortfall, we introduced the Privilege Club and again, had this been favourably subscribed to, we would not be in any deficit now. Sadly, only three members signed up. Further attempts to obtain short-term funding also fell on deaf ears.
“Despite the prospects for next season being extremely bright with the new sponsorship deals agreed, I had no choice but to take the view that there was not enough demand for speedway for me to continually keep putting in money to cover the shortfall.
“Up to and including this season, over £400,000 has been invested into Birmingham Speedway and we have delivered the most successful period in the club’s history. Sadly, this was not reflected in the attendances.
“In the meantime, out of respect for the few hardcore supporters with whom I have a terrific relationship, I am in negotiations with a third party to try and ensure the continuation of Birmingham Speedway. It is very sad for me but a line has to be drawn somewhere.”