Birmingham City owners reportedly enter into ‘exclusive negotiations’ over selling the club

Birmingham Sports Holdings Limited announced on the Hong Kong Stock Exchange that two letters of intent have been submitted from potential purchasers.

Reports earlier this year suggested businessman Jeremy Dale was part of a consortium looking to buy the Sky Bet Championship club.

Cambodian businessman Vong Pech has fronted Birmingham Sports Holdings Limited's ownership since a takeover in 2016, but this latest move would involve the disposal of 24 per cent of their shares and 21.64 per cent of shares owned by Oriental Rainbow Investments Limited.

A club statement read: "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."

Birmingham were charged by the EFL in February over alleged breaches of league regulations. The charges were issued to the club and individuals relating to a previous takeover bid following an EFL investigation.

The EFL said at the time: "Having comprehensively reviewed all relevant issues, the EFL has now determined there is sufficient evidence to justify issuing various charges of misconduct."

Birmingham confirmed on Wednesday that they will seek the approval and consent of the EFL during this process.

It was revealed last month that Blues recorded a £24.8million loss in the financial year ending in June 2022.