Yeung's takeover of Blues back on

Blues have revealed an agreement has been reached for the Hong Kong businessman's investment company Grandtop International Holdings, to pay a £3million deposit as proof of his intent to buy the St Andrew's outfit.

A statement from the company - which already holds a 29.9% stake - revealed Yeung's proposed offer has support from shareholders owning 79.91% of the company.

It said: "The Grandtop Board is pleased to announce an all-cash offer to be made by Grandtop to acquire the entire issued and to be issued share capital of Birmingham City, other than those shares already owned.

"The offer will be made on the basis of 100 pence for each Birmingham City Share to which the offer relates. It values the entire issued share capital of Birmingham City at approximately £81.51 million."

The statement went on to insist that it had received 'irrevocable' backing for the bid to go ahead.

It said: "At the date of this Announcement, Grandtop owns and has received irrevocable undertakings from certain Birmingham City shareholders - all of which are existing Birmingham City Board members or their associated entities - to accept or procure the acceptance of the offer in respect of a total of 65,133,001 Birmingham City shares.

"This represents, in aggregate, approximately 79.91% of the existing issued share capital of Birmingham City."

Yeung had looked set to bid for the club two years ago but an offer was never made, prompting the current owners majority shareholders David Sullivan, David and Ralph Gold to challenge him to prove he had the financial muscle to make a firm approach.

It proved to have an unsettling effect on the field, as former boss Steve Bruce left mid-season for Wigan and relegation followed from the Premier League.

His successor Alex McLeish restored them back to the top-flight at the first time of asking and now, as a more attractive proposition, Yeung has revived his interest.

Blues were then relegated that