Ex Gymshark boss and footballer "bitterly disappointed" after Birmingham City FC takeover collapses

There is concern about the future of Birmingham City after a protracted takeover of the club collapsed.Former Gymshark Chairman Paul Richardson and former footballer Maxi Lopez say they are "bitterly disappointed" to be unable to complete the deal.In a statement, the pair (known as Maxco) said: "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."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."

This of course leaves questions about WHAT they found that was so off-putting during their due diligence. 

In a tweet, Mayor Andy Street expressed his disappointment in the collaspe of the takeover.

He wrote: "Incredibly disappointing news about the withdrawn takeover at Blues."The club needs and deserves the right ownership, and I hope further serious bids will now emerge following today’s announcement. "Just like with Maxco, any proper bidders will have my full support."

Paul Richardson and Maxi Lopez have been talking of buying the Blues from current owners Birmingham Sports Holdings since July earlier this year.