Small Heath F.C. became a limited company in 1888; its first share issue was to the value of £650. The board was made up of local businessmen and dignitaries until 1965, when the club was sold to Clifford Coombs. By the mid-1980s the club was in financial trouble. Control passed from the Coombs family to former Walsall F.C. chairman Ken Wheldon, who cut costs, made redundancies, and sold off assets, including the club's training ground. Still unable to make the club pay, Wheldon sold it to the Kumar brothers, owners of a clothing chain. Debt was still increasing when matters came to a head; the collapse of the Bank of Credit and Commerce International (BCCI) put the Kumars' businesses into receivership. The club continued in administration for four months until Sport Newspapers' proprietor David Sullivan bought the Kumars' 84% holding for £700,000 from BCCI's liquidator in March 1993. Birmingham City plc, of which the football club was a wholly owned subsidiary, was floated on the Alternative Investment Market (AIM) in 1997 with an issue of 15 million new shares, raising £7.5 million of new investment. It made a pre-tax profit of £4.3M in the year ending 31 August 2008.