Birmingham City takeover takes step forward after Hong Kong announcement

Panos Pavlakis has been the Blues board's man on the ground in Birmingham for the past two years

Birmingham City's takeover has taken another major step forward following an announcement to the Hong Kong stock exchange on restructuring plans.

In a 61-page document, the terms for selling the Championship club have been outlined, valuing it at £37m.

The prospective new owners - Trillion Trophy Asia - promise not to sell the club for at least two years and make money available for players.

An Extraordinary General Meeting has been called for 22 July.

The next step is to get shares in Blues' parent company Birmingham International Holdings Ltd (BIHL) operating again on the Hong Kong stock exchange, on which they have been suspended since 2014.

Negotiations over the sale of the club between BIHL and preferred bidders Trillion Trophy Asia have been going on for 12 months following a two-year exclusivity period being granted.

That followed the ending of legal action against BIHL by the club's former owner Carson Yeung and ex-director Peter Pannu.

Blues' Birmingham rivals Aston Villa are also in the process of being taken over by an Asian owner - businessman Dr Tony Xia.

Blues statement on takeover negotiations

Blues director Panos Pavlakis said in a club statement: "I understand that this is a very long and complicated announcement and that it won't be very straight forward to digest.

"After all, the length and the complexity of this document shows clearly the number of different corporation actions and settlements that need to take place in the very near future amongst different parties.

"However, one thing I can definitely say - after more than two years as Blues director - is that I truly feel and believe that this is one of the most important and significant steps for Birmingham City Football Club which could lead us further to the right direction.

"This is the direction that will bring a steady, strong but always honest team ready to progress back to where we belong."