Birmingham are at an advanced stage in discussions with a mystery Hong Kong party interested in a takeover of the npower Championship club.
The board of Birmingham International Holdings Limited, City's parent company, have on Friday released a statement to the stock exchange which states they are in talks with two parties from Hong Kong and one from the UK - believed to be Gianni Paladini's Italian-backed consortium.
The former QPR chairman was understood to be leading the chase, although Blues' acting chairman Peter Pannu last week poured cold water on claims from Paladini that their takeover deal could be agreed within 10 days by stating there were no active negotiations with his group.
And Friday's announcement of two unknown Hong Kong suitors - one of whom are clearly at the head of the queue - will come as a surprise to Birmingham fans, who have become more than disillusioned with current Hong Kong owner Carson Yeung.
A section of the statement read: "The negotiation with one of the parties in Hong Kong is at an advantage stage although no conditional binding agreement has been entered into between the parties.
"The transaction, if it proceeds, will constitute a very substantial disposal transaction by the company under the listing rules and will be subject to the approval of the shareholders in a general meeting.
"A detailed announcement will be made as and when appropriate."