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Blues confirm takeover talks

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Birmingham City have confirmed that they are in advanced talks to sell a minority stake to a British consortium with a 'strong North American investment fund'.    Whether this means that the consortium has North American backing or has substantial investments in the US is not clear from the ambiguous wording.

There are a number of technical issues for legal representatives of both sides to resolve.  Presumably the purchasers would eventually acquire more than a minority stake.

Stake

Correct, it will be legally binding to buy the rest of the club in tranches.  The reason for this is their stock exchange listing in HK will be ended if they sell in one as it is effectively the vast majority of the holding companies income.  So selling in parts means they can re-invest the money on other ventures.