Major Birmingham City takeover update emerges with buyout close

The takeover is expected to be announced in the coming days

British businessman Laurence Bassini is reportedly close to completing a takeover of Birmingham City.

Former Watford chairman Bassini was previously granted exclusivity over a purchase of the club and had been conducting due diligence over a potential £32 million deal to buy the West Midlands club.

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John Percy of The Telegraph has today (13 June) reported that Bassini has now ‘exchanged contracts’ on a takeover at the club, and is now confident of ‘completing a deal’.

Laurence Bassini is trying to buy Birmingham City. (Photo by Kate McShane/Getty Images)

Approval from the EFL will be the next step in getting the deal over the line.

Bassini was the chairman of Watford from May 2011 to June 2012.

The Mirror is also reporting that a £35 million deal has been agreed between BSHL and the prospective owner.

The report states that the new owners exchanged contracts on Sunday (12 June) night, with the completion and transfer of funds set to take place this week.

The news comes after months of protests from Blues fans, who have demanded change at the top of the club during marches before their side’s home games.

Supporters have said previously that they are unhappy with how the club is being run.

Uncertainty over who actually owns the club, the state of their St Andrew’s ground -part of which has been closed for more than a year due to structural issues - and increasing financial losses and have all been used in protest at the owners.

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