Birmingham City Football Club has taken a major step towards a new stadium - as a boardroom battle continues to threaten turmoil and over-shadow its financial success.
The club's shareholders were told yesterday that if everything went to plan and the finance obtained, a new stadium could be built by 2014.
And Blues managing director Karren Brady told the annual meeting that despite losses of £6.5 million last year, the club was set to achieve a record turnover of £53 million for the next financial figures in the summer. Last year's turnover was £25 million. However, the board has also resorted to taking legal advice in its attempts to fend off Hong Kong businessman Carson Yeung, whose attempts to appoint two representatives led to last night's Emergency General Meeting held after the annual meeting.
It saw shareholders take part in a 'poll vote' to determine whether former Liverpool and England footballer Steve McManaman and ex-China captain Fan Zhi Yi would become directors.
Ballot papers sent in by post 48 hours before results are announced today have already indicated an overwhelming majority against the proposals.
McManaman said earlier this week that he did not want to become a director of the club but the saga looks set to drag on as Yeung's company, Grandtop International Holdings, has submitted another resolution to approve the appointment of Yeung's right hand man, William Chan.
The Blues board will have to carry out another vote - costing £10,000 - because Mr Yeung holds more than 25 per cent of the club's shares.
"They can put a resolution forward every week in theory," said Ms Brady.
"It is costing us £10,000 every time they do this but it is company law that we have to do it."
She added that the Blues board had taken legal advice on the matter and was even considering plans to appoint two of its own nominated directors. This would bring the board up to its maximum number of eight and therefore put a stop to any future resolutions.
Meanwhile, the stadium plans are progressing with the appointment of a master planner to assess the quality of land in Saltley which could become the site of a new Blues ground.
A decision is expected within a year and the stadium could be built by 2014. A Memorandum of Understanding is to be signed with Birmingham City Council in the coming weeks.
This would commit both parties to the project, which would spearhead a future Birmingham bid for the Commonwealth Games.
Both the local authority and the football club are working towards securing more partners for the project which would see Blues move from its St Andrew's home.
But a new stadium would only become a reality if contaminated ground that has been earmarked for the site can be treated.
Ms Brady said: "Talks continue with the city council on a new stadium and we are in the process now of appointing a master planner and someone to look at the land to see if a stadium there can become a reality.
"We have to have auxiliaries in place as we do not want to bankrupt this club by building a stadium. The biggest problem is the contamination as there is quite a lot of work that needs to be done."
She said the club would put £20 million into the project but there were still questions remaining over who would foot the rest of the bill.
Blues had previously hoped to build a stadium with US casino giants Las Vegas Sands, who had agreed to pump £100 million into the project. However, that deal was scuppered when the city council rejected the Blues bid and opted to back a rival project at the NEC.