Birmingham have been approached by an unidentified sports management company leading a consortium interested in a takeover of the financially-stricken npower Championship club.
The development has been confirmed by Birmingham International Holdings Limited (BIHL), City's parent company, in an announcement to the Hong Kong Stock Exchange this afternoon.
The statement read: "The board wishes to inform shareholders of the company and potential investors that the company has been formally approached on 23 January 2013 and 31 January 2013 by a sports management company who has indicated that it will be able to lead a consortium which will consider the purchase of Birmingham City Football Club Plc which is company's subsidiary.
"The company's lawyers are currently in contact with the interested party with the view to clarifying matters of this approach.
"The company will make further announcements on the future developments in relation to the above proposed transaction as and when appropriate."
Birmingham's acting chairman Peter Pannu has been exploring the potential for bringing in new owners or finding investment in the club for some time.
Talks with Gianni Paladini's Italian-backed consortium as well as two parties from Hong Kong have failed to lead to a takeover, with today's news the latest glimmer of hope for Blues fans frustrated by current Far East owner Carson Yeung.
England goalkeeper Jack Butland was sold to Stoke on transfer deadline day for a fee believed to be in the region of £3.5million, including various add-ons and a 20 per cent sell-on clause.
Birmingham needed to raise vital funds to buy crucial time in order to stave off the potential future threat of administration, although a feared fire sale never materialised as the likes of Curtis Davies, Marlon King and Chris Burke remained at St Andrew's.