The owner of Birmingham City FC has posted higher financial losses in its latest annual results as it waves goodbye to chairman Peter Pannu.
Birmingham International Holdings, which is listed on the Hong Kong Stock Exchange, said pre-tax losses for the year to June 30, 2014, had increased to £10.7 million (HK$135.2 million), up from a loss of £9.9 million (HK$125.5 million) the previous year.
This follows the issuing of a profit warning by the club in August which showed the club was losing around £1 million a month.
Turnover was also hit, falling from £23.4 million (HK$294.5 million) in 2013 to £20.1 million (HK$253.2 million), as the club gets used to reduced revenues after being relegated from the Premier League in May 2011.
In a separate announcement, Blues said the service agreement with Mr Pannu would not be renewed after it finished this week.
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The statement added: "Panagiotis Pavlakis will continue to act as representative of the BCFC board in the UK and oversee the day-to-day running of the club with full support from the UK management team. BCFC wishes Mr Pannu all the best for the future."
In the annual results statement, Birmingham International Holdings said: "Such decrease (in turnover) was mainly due to the significant dwindling of the revenue from Birmingham City Plc due to Birmingham City FC being remained in Championship football league.
"The group's net loss for the year....was mainly due to decrease in the profit generated from sales of players' registration.
"The group will continue to manage the business prudently and to ensure (it) adheres to the financial fair play rules which will be effective in the UK that require clubs to be self sufficient in the long term.
"No dividend was paid or proposed for the year ended June 30, 2014."
