Birmingham manager Alex McLeish admits takeover regulations could block his chances of spending the £5million offered by prospective owner Carson Yeung on new signings.
Hong Kong businessman Yeung is set to complete the £81million takeover of the midlands club during the next few weeks.
He is keen to assist McLeish in the transfer market before the window shuts on September 1 with Sporting Gijon midfielder Michel top of his list of potential captures. But McLeish said: "In terms of the offer, I don't know whether the rules will allow it to happen. I would certainly put it to good use if I could spend it. It would be very welcome."
He added: "But I'm not sure whether the rules which govern such matters will make that a possibility.
"It would certainly have been good in helping to tidy up the Michel transfer."
McLeish insists the ball is in Sporting's court when it comes to the transfer of Michel.
He said: "We are still working on it and if he comes here it will be a much needed boost to the squad.
"The stumbling block is in terms of the payments and the way they are made and we hope to find a solution in the next couple of days.
"The club have stated their stance from day one and have not wavered. We are waiting on things at the Sporting end."
McLeish insisted he is not making a bid for Middlesbrough striker Tuncay Sanli. He said: "There is nothing in it."
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