Hong Kong businessman Carson Yeung has tabled an £81.5million offer for Birmingham City.
Yeung's Grandtop International Holdings company already owns a 29.9 per cent stake in the club but has been looking to takeover at St Andrew's following their return to the Premier League.
The deal would take Grandtop's holding to 80 per cent of the club.
On Thursday, Yeung illustrated his intent to complete a swift deal after producing a deposit of £3million.
In a statement to the London Stock Exchange, Grandtop reassured manager Alex McLeish that his position is not under threat.
Yeung's previous protracted takeover attempt in 2007 ultimately led to the departure of then manager Steve Bruce.
"It is intended that the current first-team manager, Alex McLeish, will continue in this role, supported by his existing backroom team," confirmed the statement.