Receivers Ernst and Young have told the Hong Kong Stock Exchange in an announcement that there is one solitary bidder that has been shortlisted for the purchase of Birmingham City, reports the Birmingham Mail.

In recent months, the receivers were called into the cash strapped Sky Bet Championship club to try and push through a sale, so that the west Midlands side could move forward in its push to regain a place in the Premier League.

Since they were brought in, there have been seven indicative non-binding offers put forward and as of a recent announcement, Ernst and Young have revealed that there is one bidder who is the clear favourite.

Details of who the party are have not yet been released due to contract agreements which mean that the party cannot be named, unless an agreement has been completely reached.

Should the offer be successful, it could mean the end to the disgraced Carson Yeung's reign at Birmingham City.

After winning the Carling Cup against Arsenal in February 2011, the club have been unable to get back into the Premier League and have had to sell pretty much all of their stars due to the dire state of the clubs finances.

After the success in the cup, Yeung was arrested and later jailed after he was found guilty of up to five cases of money laundering.

Often Partisan writer Daniel Ivery is an expert on the case that is unfolding in Hong Kong and he highlighted the fact that the receivers may not be looking to sell the club but just ease Carson Yeung out slowly.

He said: "This confirms everything I have been led to believe...that Ernest Young aren’t looking to sell the club – more they are looking for a new investor in BIHL in order to ease out Carson (Yeung)."