Birmingham City owner Carson Yeung's overall stake in the club has dropped from 24.9% to 23.3% after £3.63m was raised by selling shares. The Blues revealed in April it has debts of £27.27m, reports BBC Sport.
Birmingham won the Carling Cup in February but will need to provide assurances about its finances to play in the Europa League next season.
A statement said 6.43% of Birmingham International Holdings has been sold to people unconnected with the club.
