Chairman David Sheepshanks says the club is continuing discussions with potential investors regarding a possible takeover of the club. Town have long been looking for parties to make significant investment or take control of the club.

Sheepshanks says he is hopeful things are moving in the right direction: “We are in discussion and might have something to say soon.”

Town have been linked with a several potential investors in recent months with David Gold and David Sullivan mentioned again last week, however, the Blues have denied any contact with the current Birmingham owners.

The club has talked to various interested parties since announcing that they were looking for major investment at last year's AGM, but so far no one has got to the due diligence stage whereby the business is checked out more comprehensively .

Town are currently £36 million in debt with that figure expected to rise slightly when the accounts for 2006/07 are released in the next few weeks ahead of the AGM in December.

The three-year interest holiday agreed with Norwich Union — who are owed £28 million on the bond taken out to build the new stands — is up at the end of the season. The interest holiday was designed to give the club time to find some solution to its long-term debt problem.

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