LONDON (AFP) - Birmingham City are set to be taken over by a new group of Asian investors, one of the Championship club's directors confirmed on Tuesday (June 7).
An announcement to the Hong Kong Stock Exchange on Tuesday revealed Hong Kong businessman Carson Yeung's troubled reign as owner of the Blues is virtually at an end.
The 61-page statement outlined how and when Paul Suen Cho Hung's Trillion Trophy Asia (TTA) will complete their purchase of Birmingham, setting out details of a complex restructuring which includes a "capital reorganisation" to pave the way for TTA to take majority ownership.
Hong Kong-based Paul Suen Cho Hung, who owns TTA and has a business record in turning round distressed stocks, and Daniel Sue Ka Lok would be Birmingham's directors.
They plan to make available 120 million Hong Kong dollars, in the region of £10.5 million, for signing new players.
In an open letter to supporters on Birmingham's official club website, director Panos Pavlakis said: "As you all probably know by now, an announcement has been made to HKEx this morning on behalf of BIHL which has direct impact to our Birmingham City Football Club.
"I also do understand that this is a very long and complicated announcement that it won't be very straightforward to digest; after all, the length and the complexity of this document shows clearly the number of different corporation actions and settlements that need to take place in the very near future amongst different parties.
"However, one thing I can definitely say - after more than two years as Blues director - is that I truly feel and believe that this is one of the most important and significant steps for Birmingham City Football Club which could lead us further to the right direction."
As per the statement to the Hong Kong Stock Exchange, the next stage is an EGM which will take place on July 22, with the proposed restructure set for September 12 and a resumption of trading in BIHL shares at the end of October.
Yeung, who first became involved in Birmingham in 2007, was jailed for six years after being found guilty of money laundering in 2014.
Birmingham, managed by Gary Rowett, finished 10th in the English second tier this season and were last in the Premier League in 2011.