Chairman David Gold has insisted Birmingham will not entertain any more takeover bids until at least next summer as he called for "a period of stability" at the club.
Gold claimed the potential Carson Yeung takeover bid was now "dead in the water."
Yeung technically has until the December 21 deadline set by Gold and co-owner David Sullivan to come up with the additional £35million needed to buy out the long-serving duo.
But because of takeover rules and the time process in such dealings, it is already effectively too late for the Hong Kong businessman to meet all criteria by the cut off point in three days.
Gold said: "We now need a period of stability. That is 100% correct. We will do nothing now. We can't stop people making enquiries.
"We will concentrate 100% from now until the end of the season on Birmingham staying in the Premier League.
"We won't entertain anything until the summer. Our fans have been to hell and back and so have the staff. The board has also gone through a difficult time over this.
"Now is the time to focus on staying in the Premier League everyone worked so hard to get back into last season."
Gold added: "It is still technically plausible that Mr Yeung could walk into the football club and put a cheque on the table but, according to takeover rules, there is a time factor - and that time factor has expired.
"It is like buying a house. If you buy a house there are still things that take time. It is the same with the takeover. They would still have to do those things.
"They can't just walk in and give us a cheque. They have to go through the whole process and that takes at least a week. It is December 18 today. It can't be done.
"The process would have had to have started by now. As far as I am concerned, the deal is dead in the water."