Birmingham have confirmed that "discussions are continuing" over a possible takeover after directors agreed to sell 29.9% of the club´s shares to Hong Kong businessman Carson Yeung.

Directors David and Ralph Gold, David Sullivan, Karren Brady and Roger Bannister have given Yeung´s Grandtop International Holdings Limited the right to buy the shares at the ordinary share capital of 61.331 pence. But, although he must have 30% of shares before being compelled to make an offer on the entire company, a statement to the Stock Exchange revealed a further investment was still possible.

The statement read: "Shareholders should be aware there is currently no indication at this stage a formal offer will be made for the company as a whole but discussions are continuing with GIHL which may or may not lead to a cash offer being made for the the company in due course."

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