Birmingham City director's have agreed to sell nearly 30 per cent the club's shares to a Hong Kong based businessman.
David and Ralph Gold, David Sullivan, Karren Brady and Roger Bannister all agreed to sell a combined total of 29.9 per cent of their shares to Carson Yeung today.
The billionaire declared his interest in the club after failing in an attempt to take a controlling stake in Reading.
The Golds and Sullivan have each agreed to sell 14.81 per cent of the club's shares to Grandtop International Holdings Limited while Brady has agreed to part with 0.23 per cent.
Fellow director Bannister completes the agreement, offering to sell 0.05 per cent and all shares will be priced at the ordinary share capital of 61.331 pence.
Yeung's company have until 5pm on July 16th to complete the purchase having already paid a non-refundable deposit of £1.09 million - an amount that will be deductible from the final payment should it proceed.
If GIHL did buy the maximum 29.9 per cent, Yeung would instantly become the single largest stakeholder, taking over from the Gold brothers and Sullivan who currently own 78 per cent of the shares between them.
In the new arrangement the Gold brothers and Sullivan would see their stake fall to 23.22 per cent each.
Brady's revised holding would be 0.54 per cent and Bannister would retain 0.11 per cent.
The move paves the way for yet another high profile foreign take over of an English club, in a week in which former Thai Prime Minister Thaksin Shinawatra agreed a deal to take control of Manchester City.
