Birmingham City boss Peter Pannu reveals two bids for club

The owners of Birmingham City Football Club say they are in talks to sell the struggling Championship club.

Following reports that ex-Queens Park Rangers chairman Gianni Paladini was leading one bid, it is understood that there are now two separate contenders.

"The company has been approached by two prospective buyers to explore the possibility of buying Birmingham City FC," said chief executive Peter Pannu.

• Turbulent times at Blues

  • May 2007 - Blues promoted back to Premier League under Steve Bruce
  • June 2007 - Carson Yeung first attempts to take over Blues
  • Nov 2007 - Bruce quits as manager and Alex McLeish takes over
  • Dec 2007 - Blues owners David Sullivan and David Gold cancel deal
  • May 2008 - Blues relegated from Premier League but Yeung announces intention to still become Blues owner
  • May 2009 - Blues promoted back to top flight
  • August 2009 - New takeover bid from Yeung
  • Autumn 2009 - Yeung passes Premier League's fit and proper person's test. Deal then approved by Stock Exchange
  • May 2010 - McLeish leads Blues to ninth in Premier League
  • May 2011 - Blues relegated and McLeish leaves for Aston Villa
  • June 2011 - Yeung first appears in court on money-laundering charges
  • May 2012 - Blues announce that they are seeking new investors on the day that they miss out on promotion
  • June 2012 - Blues manager Chris Hughton leaves for Norwich
  • July 2012 - Lee Clark appointed as manager
  • Sept 2012 - Peter Pannu appointed to run Blues' Hong Kong-based holding company

Both bidders are under confidentiality agreements with the club.

Birmingham have failed to publish their figures for the past two years, while part-owner Carson Yeung is on Hong Kong, awaiting trial.

Trading in the company has been suspended since June 2011, when Yeung, their largest shareholder, was arrested on five counts of alleged money laundering.

The club is not officially up for sale but their long-term plans have become even more clouded in the 16 months since Yeung was arrested and Pannu went on the record in May to say that they were open to offers of new investment.

Hong Kong-based parent company Birmingham International Holdings Limited have not indicated how much any potential sale might raise, but they were reported to have rejected a £25m approach from Paladini last month, following which acting Blues boss Pannu was appointed chief executive of BIHL.

The Blues, relegated from the Premier League in May 2011, made light of their off-field problems to only just miss out on an immediate return to the top flight five months ago.

But following the departure of manager Chris Hughton to Norwich, they have so far had mixed fortunes under new boss Lee Clark.

They have won just three of their first 10 Championship matches and lie 21st in the table, just three points clear of the relegation places, and have the same points tally as Bolton Wanderers, who sacked manager Owen Coyle on Tuesday.