Russian billionaire eyes Birmingham move

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• More Premier League news club by club

Vagit Alekperov, the second largest shareholder in Luk Oil and who has previously been linked with a takeover at Tottenham, has approached the club with a view to gazumping prospective owner Carson Yeung for control.

The Azerbaijan-born Russian has made his interest known via a third party and the club's managing director has confirmed the approach.

If the Russian's tentative approach materialises, Birmingham would be tapping into a firm that is the second largest oil production company in Russia and the sixth largest in the world with a turnover of over £30billion.

Birmingham chairman David Gold maintains there is "no chance" Yeung will be given an extended deadline to complete his takeover of the Premier League club.

Gold's co-owner David Sullivan gave the Hong Kong businessman until this week to find the money needed to buy the club but it seems highly unlikely he will meet that time-frame, leaving him with a 29.9 per cent stake which will essentially be rendered useless.

Both Gold and Sullivan have admitted recently they are running the club under the assumption Yeung's takeover would not go through.

Gold told the Guardian: "I went to work yesterday on the basis that the deal is off.

"All my thinking regarding the transfer window and the activities of the football club are based on the fact we're going to be there until the end of the season at the very least.

"There is no chance that the deadline will be extended," Gold added. "That is an absolute no."

Gold seems open to the prospect of buying Yeung's shares back - but not for the £15million he paid in the summer.

"He is not going to get the £15million that he purchased the shares for because that £15million and 29.9 per cent was based on ultimately owning the football club," said Gold.

"If somebody buys that 29.9 per cent they won't own the football club and they won't control the football club so the value drops."