The Hong Kong-based owners of English second-tier Birmingham City announced on Tuesday that they have appointed receivers in a bid to stabilise the club hit by boardroom disharmony.
Birmingham International Holdings (BIHL) has appointed Ernst and Young Transactions Limited to run the company on a day-to-day basis, but moved to reassure fans that the company is not experiencing financial difficulties.
"The club wishes to reassure its supporters and staff most emphatically that no winding-up petition has been filed against the company (BIHL) and that it is therefore not in liquidation," BIHL said in a statement.
"The subsidiary (BCFC) can fulfil its obligations as a member club of the Football League and shall continue to maintain a strong dialogue with the board of the Football League on this matter.
"With no apparent resolution to the fractious and inharmonious relations within the management, the majority on the BIHL board decided that it had no other option but to openly and voluntarily request reputable receivers to take over the management of BIHL on its behalf."
A spokesman from the Football League, which manages the three professional leagues below the Premier League, said: "The League received notification earlier today (Tuesday) regarding the appointment of receivers by Birmingham City's holding company.
"We have requested a meeting with the club and the appointed receivers at the earliest opportunity to discuss the matter."
Birmingham were relegated from the Premier League in 2011 and are currently in 13th place in the 24-team Championship, 15 points below the play-off places.
The club's former owner Carson Yeung, who owns 27.9 percent of BIHL, is currently in prison in Hong Kong after being jailed for six years for money laundering in March 2014. He has appealed against his conviction.
BIHL revealed last month it had contacted Hong Kong police after discovering that a former employee may have "misappropriated" £2.5 million ($3.8 million, 3.2 million euros).
Source: AFP