The sale of Birmingham City edged a step closer after interested parties completed “due diligence” – but its Hong Kong owners said no formal offers have been made.

For a year, Blues’ parent firm, Birmingham International Holdings Limited (BIH), has been searching for buyers.

Majority shareholder Carson Yeung’s £60 million money laundering trial in Hong Kong was adjourned for three months last month.

By completing due diligence – a series of checks needed to complete a transaction – the club can be sold.

But in a trading statement BIHL admitted no offers had been forthcoming.

Meanwhile, Yeung said he would step down from his management duties during his criminal case if shares in the club – which have not been traded for more than two years – began trading again.

The club said last year it was in takeover talks with “two prospective buyers”.

Corporate finance expert Charles Cattaneo, founder of city firm Cattaneo, said: “They haven’t put this announcement out because of the possibility of a sale, it is basically updating everyone one the position of the business.

“They are saying: ‘We are addressing the management issues, with Yeung going and the funding issues are progressing’.”