Former Swindon Town chairman Jeremy Wray has made a formal offer for Birmingham City.
The Birmingham Mail says Wray has made a formal offer for Blues with a pledge of a £25 million a year budget - but warned that 'internal bickering' could kill the bid.
The UK investment manager has joined forces with former Newcastle United director Steve Hayward to throw down the gauntlet to Blues' Chinese owners with an offer for the St Andrew's club.
Wray said: "On November 1st, I submitted a formal offer for 100 per cent of BIHL's holding in Birmingham City FC, subject to contract and Due Diligence, to Panos Pavlakis, CEO of the football club, requesting that he present it to the Board of BIHL.
"This, for whatever reason, did not happen.
"We were amazed that no announcement of our approach was made on the Hong Kong Stock Exchange by BIHL, as we deemed this a firm offer and certainly not informal."
