Brady and Sullivan set to stand down

Birmingham City chief executive Karren Brady and PLC chairman David Sullivan this afternoon confirmed they will leave the club if Hong Kong businessman Carson Yeung completes his takeover.

The pair will end 16-year associations with Premier League Blues, providing the deal goes through.

Yeung has formally lodged a bid believed to be in the region of £80m for Birmingham after sending out official documents to shareholders offering £1 per share.

His company, Grandtop International Holdings, already owns 29.9 per cent of the club and, with co-owners Sullivan and the Gold brothers, David and Ralph, having indicated they will sell their 50 per cent stake, Yeung is already well on the way to taking complete control.

The first closing date of the offer is October 6.

Brady, who has accepted a television role on The Apprentice, said: "It was a hard decision for me to make to leave the club after so long but, with the change in ownership, I feel the time will be right for me to move on and pursue other ventures.

"Grandtop have asked me to retain my position as CEO but I honestly feel they must be allowed to stamp their own mark on the club."

Although David Gold is set to stay on as chairman, Brady believes the time is right for her to depart.

She added: "I leave with very fond memories of the past 16 years; I arrived with David Sullivan in 1993 and I want to leave with him."