Carson Yeung, the new Birmingham owner, has pledged to spend up to £40million on new players during the January transfer window. Yeung made the announcement as he was officially unveiled as the new owner at St Andrew's after completing his £81.5million takeover of the club.

Yeung said: "I'm happy to be here. It has taken a long time to buy the club - but finally I have got it.

"There were problems with each other regarding communication. When I took out the original 29.9 per cent stake, I did not say I would then buy the club 100 per cent.

"It just depended on the right time - and now I am so happy it has all gone through."

McLeish has already spelled out his desire to bring in new players during January to help City in their fight against relegation, and Yeung is to give him substantial backing.

Asked what finances will be available to the manager, Yeung said: "My first plan is to support the club for about £20-£40million for players and wages in January."