Birmingham City vice-president Peter Pannu insists the Championship club are "not close to bankruptcy" and could be attracting new investment, reports BBC Sport. Pannu used the club programme for Wednesday's play-off semi-final second leg to break the silence at St Andrew's and paint a more positive picture.

Blues are yet to submit accounts from last season's relegation campaign.

But Pannu said: "I have been informed that once the accounts are finalised, an investor has been identified."

He added: "A club of our reputation, size, and may I now say, our achievements, would attract interest.

"I have in my own ways impressed upon the members of the parent group's board that should a suitable party come along, they should give it serious consideration."

It was announced last month that Blues' holding company had failed for a fourth time to file the club's financial results for the year to 30 June, 2011.

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