Carson Yeung's protracted takeover of Birmingham City could be off after his advisor revealed there was little chance of meeting the board's deadline to complete the deal.
The Hong Kong businessman has been given a December 21 deadline to complete his takeover by an increasingly frustrated Blues board.
However, Yeung's adviser Steve McManaman doesn't believe a deal will be struck by then.
"The takeover is rolling along, but very slowly," he told the Sunday Mirror.
"I don't think there's much chance of being done by this month's deadline.
"If anything it is more likely to be done in February or March from what I have heard.
"I honestly don't know whether that will be too late for (current co-owners) David Sullivan and the Gold brothers."
Speaking earlier in the week after appointing Alex McLeish as the club's new manager, chairman David Gold expressed doubt that any deal would be completed.
He said: "I started off saying that the takeover bid was 90 per cent assured and a couple of weeks ago I reduced that to 75 per cent. Now it's down to 50 per cent but time will tell.
"We're working on the basis that there is no deal and we are running Birmingham City in the best interests of the club."