Blues pair deny wrong doing

Karren Brady and David Sullivan today denied any wrong doing - as Birmingham City's shares were temporarily suspended.

The Blues co-owner and managing director were arrested and questioned yesterday by police in connection with allegations of false accounting and conspiracy to defraud.

The London Stock Exchange suspended the club's shares on Thursday morning.

The arrests follow last month's raids on the Barclays Premier League club as part of an ongoing inquiry by the City of London Police's economic crime unit.

Ms Brady, pictured, refused to comment as she left her Birmingham home this morning.

But the club today issued a statement saying: "We wish to clarify the situation regarding the City of London Investigation.

"The City of London Police investigation is focusing on payments to a football agent and two players, dating back to 2002/2003.

"There is absolutely no allegation that any Director of the Company or the Club itself have benefited financially from any of this activity.

"In so far as there may be any implications for the Company, these are not considered material to its financial affairs and they are in relation to the payment, or possible non payment of PAYE and National Insurance contributions.

"The Club and its Directors are co-operating fully with the police in this investigation and will continue to do so."For the avoidance of doubt we wish to make it plain that David, Karren and Birmingham City FC deny absolutely any wrong doing."