Birmingham are set to sell a 25 per cent stake in the club to shareholder Vong Pech for £5.4million.
A statement on the Hong Kong Stock Exchange revealed Cambodian businessman Pech, who owns a 26 per cent share of Birmingham Sports Holdings, has conditionally agreed the purchase.
The sale will be subject to the approval of shareholders at a forthcoming EGM.
The statement added that Pech could acquire a further stake in the club in the future.
It also revealed the club owe approximately £110million to Birmingham Sports Holdings, their Hong Kong parent company.
Birmingham were bought by Grandtop International Holdings Limited in 2007, and the company changed its name to Birmingham Sports Holdings in 2017.