David Sullivan's final home game as Birmingham co-owner ended in disappointment as substitute Chung-Yong Lee's late goal earned a 2-1 victory for Bolton at St Andrew's.
Sullivan, who has been at the helm for 16 years, looked on from the director's box as Lee struck only a minute after Kevin Phillips had levelled for Blues.
That had cancelled out Tamir Cohen's first-half effort for the visitors.
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