Birmingham City give major update on potential takeover

Birmingham City have released statement regarding a potential takeover of the football club, with a statement released this morning.

Birmingham Sports Holdings Limited announced on the Hong Kong Stock Exchange it has entered a period of exclusive negotiation to conclude a sale.

It said that two letters of intent to purchase have been entered with a potential takeover party.

One of the transactions would involve the disposal of 24% of the shares in Birmingham City PLC by Birmingham Sports Holdings Limited.

The other transaction would involve the disposal of 21.64% of the shares in Blues by Oriental Rainbow Investments Limited. It would also include the entire issued share capital of Birmingham City Stadium Limited by Oriental Rainbow Investments Limited and Achiever Global Group Limited.

A statement said: “The parties involved will now enter a period of exclusive negotiation to agree the final terms of the transactions which will formulate the Definitive Agreements.

“The Definitive Agreements are expected to be entered into within two months of the date of the letters of intent, at which time the potential purchaser will also be announced.

“The transactions will be conditional upon the fulfilment of the terms in the Definitive Agreements, including the approval and consent of the English Football League (EFL).”