Co-owner David Sullivan hopes prospective new Birmingham owner Carson Yeung can take the club to a new level as he nears the end of a 16-year association with the club.
Sullivan admits the realisation hit home 18 months ago that many Blues fans wanted a change of ownership of the midlands club. He and managing director Karren Brady will leave City when Yeung completes his takeover in the next few weeks, although David Gold will remain as chairman, and the duo hope Yeung can secure further progress.
"We realised 18 months ago, when we were relegated from the Premier League, that large sections of supporters wanted a change of ownership," said Sullivan and Brady in a statement on the club's official website, www.blues.premiumtv.co.uk. "With great effort, we have sourced a multi-millionaire, backed by other mega rich Chinese investors who we hope can achieve for the club what we have failed to achieve."
Sullivan and Brady insist Birmingham have been revitalised since the dark days of the early 1990s when gates averaged less than 7,000.
"Since coming to the club over 16 years ago, there have been many changes on and off the field," the statement read.
"The day we came to St Andrews in 1993 the facilities were tired and in desperate need of refurbishment, the gates were averaging under 7,000 a game and the business was in dire need of stability.
"During our near 17 years at the club we have made tremendous developments to both St Andrews and the Wast Hills training ground. We bought the football club back to the top flight of English football for the first time in 16 years.
"The club is now financially solvent and holds a highly valued status in English football to date. We are one of the only football clubs in the Premier League to run a successful and efficient business.
"It is with a feeling of great sadness that we say goodbye to the club. We will always be Blues supporters, we will watch the results every week with interest and we hope that when you all look back you will realise we did a pretty good job in our near 17 years at St Andrews."
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