Birmingham's prospective new owners are set to hold talks with US property tycoon Michael Fuchs about potential investment.
Ex-Gymshark chairman Paul Richardson and former Argentine striker Maxi Lopez paid a £1.5million deposit in July for Blues’ largest individual shareholder Vong Pech, who has a 21.64% stake.
It is part of a plan to take over the whole club in the next two years for £36.5m from their Far East regime. The takeover is dragging on as the EFL continue to thoroughly scrutinise the deal.
But Richardson and Lopez have assured Blues boss John Eustace it is on track with City on a good run of just one defeat in seven Championship.
The prospective ownership duo have been working behind the scenes on a plan for next season to fully reopen the club’s ground which has a reduced capacity due to safety fears.
They have also had talks with Dubai-based cryptocurrency businessman Haydn Snape about being their future shirt sponsor for the 2023-2024 season.
Snape has since introduced Richardson and Lopez to wealthy New York property tycoon Fuchs, who is the co-owner of New York’s Chrysler Building.
Richardson confirmed to Mirror Football: “Birmingham’s shirt sponsorship finishes at the end of the season and Haydn’s company UFM (Ultimate Fantasy Metaverse) are interested. He knows Michael Fuchs who has a company called RFR Holdings and has agreed to introduce us. We get approached on a regular basis because Birmingham City has potential to be a very big club.”
Richardson and Lopez have until the end of this month to complete the first stage of the transaction and are in regular dialogue with the EFL.
In the meantime, Richardson and Lopez have been providing funds to help with City’s day to day costs. But the duo have assured the EFL it does not break rules which prevent people acting as what the governing body describe as a ‘Relevant Person’ without having taken the EFL’s Owners and Directors Test.
The work needed to bring St Andrews up to scratch is substantial and due to cost of more than £5m. Currently Birmingham's Tilton and Kop stands need major work after sections were forced to close to fans since December 2020 because of safety concerns - reducing the ground's 29,409 capacity by a third.
Richardson and Lopez's deal for the club includes payments totalling £26.5m to complete 'stage one' of the takeover plus £10m for stage two. Then a further £10m promotion bonus if Championship Birmingham reach the Premier League by 2026.
It is part of a bold plan to revitalise Blues and shake up their squad many of whom are on huge wages like reserve keeper Neil Etheridge, 32, who is under contract until 2024 on £21,000-a-week and defender Harlee Dean, 31, who was loaned to Sheffield Wednesday last term, who has eight months left on £31,000-a-week.
Other stars who could be made available are Lukas Jutkiewicz, 33, on £15,000-a-week under 2024 and left-back George Friend, 34, who earns £8,000-a-week.
