The last major stumbling block towards the sale of Birmingham City's parent company has been negotiated following a settlement with former director Peter Pannu.
In a statement to the Hong Kong stock exchange today, Birmingham International Holdings (BIHL) receivers EY revealed all parties, including Mr Pannu's companies Asia Rays and Amazing Top, had agreed to drop legal action against each other.
In addition, Mr Pannu has agreed not to interfere at the EGM, likely to take place in the summer, where EY will put forward their proposed restructuring plan.
That plan should set out how Trillion Trophy Asia (TTA) will complete its takeover and draw a line under the disastrous ownership of Carson Yeung.
The agreement with Mr Pannu means the final big hurdle has been cleared and comes after recent settlements with the two largest shareholders, Mr Yeung and U Continent, owned by Mr Yeung's brother-in-law Wang Lei.
There are other conditions to be fulfilled before the authorities sanction a resumption of trading but symbolically today's announcement confirms negotiations have taken a huge step forward.
While Birmingham City fans could be forgiven for feeling a sense of trepidation about the low profile TTA - and its long-term intentions which may include re-selling the club - they can at least draw confidence from the fact the main characters of the club's recent past have effectively agreed to step aside.
At this stage, the date of the EGM is yet to be confirmed but EY said they would make an announcement and circulate details "as soon as practicable".
Importantly for Birmingham City Ladies FC, which are currently doing well in the Women's Super League, Mr Pannu has agreed to transfer his entire shareholding to Birmingham City Football Club in the next couple of weeks.
