David Gold is to stand down as chairman of Birmingham after 12 years. Gold was willing to continue in the role under new owner Carson Yeung but Yeung wants to being in Vico Hui, the current chief executive of his company Grandtop International Holdings, to fill the role.
And Gold turned down the chance to stay with Blues in a vice-president capacity.
Yeung's representative, Peter Pannu, told the Birmingham Mail: "We have a lot of respect for David Gold and the excellent job he has done for the football club.
"Unfortunately we couldn't offer him the position of chairman which is what he wanted. Vico Hui is to come in as chairman.
"Regrettably our offer to David Gold to become a vice-president has been turned down so we were not able to come to a suitable agreement."