Birmingham City chairman David Gold has ruled out selling to majority shareholder Carson Yeung.
"Would we sell to him? Absolutely not," Gold told the Birmingham Mail. "There's your instability, which is just what we don't need.
As for buying back Yeung's stake - his company, Grandtop International, has made it clear he has no desire to sell - Gold said it wasn't really an option.
"I would never go to Carson Yeung and say 'I'm looking to buy your shares'," he said. "But I have gone into the market place recently and bought shares because I believe in this great football club, I believe in the future, I believe in Alex McLeish and his team.
"I believe in the prospect that we will end up with a new stadium and I'd like to be part of that. Some people might say 'why did you decide to sell in the first place?'
"If you remember, at the time clubs were being bought up all over the country. And for a Premier League club like ours to go to the next level, you would have to have people who are super wealthy and it was our understanding that these people were.
"I think I made a mistake. I made a mistake in that you shouldn't sell part of your shares, it should be that a takeover is completed as a single event, not a part-event. Look at what happened: it left the club in limbo. Is it my fault we lost Steve Bruce? It might have been."
