In an attempt to rid itself of a financial strait-jacket (and fulfill its dreams of acquiring top players), Birmingham City has devised a game plan to raise £7.5m. 300,000 new ordinary shares at 25p are up for grabs, with existing shareholders being offered three new shares for every five held. The company blames increases in wages, match and ground expenses for fuelling this demand for more capital. Indeed, on a turnover of £4.12m for the six months to February 1999, Birmingham made a pre-tax loss of £744,000. BC is also faced with an historic interest-free loan made by Sports Newspapers, which owns 70.26% of the club. The loan, which was used to finance improvements to the stadium and to transfer players, amounts to £6.57m, and becomes repayable in March 2000.