Shares in Birmingham City are up 10% following the football club's confirmation that it has received a fresh takeover approach from Hong Kong businessman Carson Yeung.
His investment firm Grandtop International Holdings has been the holder of a 29.9% stake in the Birmingham City since 2007 - when a previous takeover attempt of the club fell through. The protracted process but did much to unsettle the club on and off the field and Birmingham is decidedly cautious in the tone of today's statement on a fresh approach.
In response to a report in the Sun newspaper that Yeung was close to a new deal to buy Birmingham City for £70m, the club said in a statement to the stock exchange:
"The board of Birmingham notes the recent press speculation and confirms that it has received an approach from Grandtop International Holdings Limited which may or may not lead to an offer for the entire issued share capital of the company."
"As shareholders will be aware, previous approaches did not proceed and the issue of the funding of any possible offer will be a major factor in determining how the Company responds to the approach."
Shares in the club are up 4p, or 10%, at 44p.
