Yeung gets green light on Blues shares

Birmingham directors David and Ralph Gold, David Sullivan, Karren Brady and Roger Bannister have agreed to sell 29.9% of the club's shares to Hong Kong businessman Carson Yeung.

The Golds and Sullivan have each agreed to sell 14.81% of the club's shares to Grandtop International Holdings Limited while Brady has agreed to part with 0.23%.

Fellow director Bannister completes the agreement, offering to sell 0.05% and all shares will be priced at the ordinary share capital of 61.331 pence. Yeung heads GIHL and has until 5pm on July 16 to to complete the deal.

Yeung's company look set to go through with the purchase having already paid a non-refundable deposit of £1.09million - an amount that will be deductible from the final payment should it proceed.

If GIHL did buy the maximum 29.9%, Yeung would instantly become the single largest stakeholder, taking over from the Gold brothers and Sullivan who currently own 78% of the shares between them.

In the new arrangement the Gold brothers and Sullivan would see their stake fall to 23.22% each.

Brady's revised holding would be 0.54% and Bannister would retain 0.11%.