Brady and Sullivan set to leave City

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The pair confirmed their intentions on Wednesday morning, and will end 16-year associations with Birmingham providing the deal goes through.

Yeung has formally lodged his bid for Birmingham after sending out official documents to shareholders offering £1 per share.

His company, Grandtop International Holdings, already owns 29.9% of the club and, with co-owners Sullivan and the Gold brothers, David and Ralph, having indicated they will sell their 50% stake, Yeung is already well on the way to taking complete control.

The first closing date of the offer is October 6.

Brady, who has accepted a television role on The Apprentice, said: "It was a hard decision for me to make to leave the club after so long but, with the new change in ownership, I feel the time will be right for me to move on and pursue my other ventures.

"Grandtop have asked me to retain my position as CEO but I honestly feel they must be allowed to stamp their own mark on the club and I believe that this is best done without the current board looking over their shoulder.

"I leave with very fond memories of the past 16 years; I arrived with David Sullivan in 1993 and I want to leave with him. Whatever he does in the future, you can rest assured I'll be standing by his side."

Sullivan could be on the look-out for a club to invest in, once he leaves Birmingham.

He said: "I intend to remain in football, so following the takeover I will be looking for a new challenge where my experience, my success and sound business acumen will make a difference."