David Gold, the Birmingham City chairman, is losing confidence over the chances of Carson Yeung, the prospective new owner, taking full control of the Barclays Premier League club.

Yeung has to raise about £30 million more to buy out Gold and David Sullivan, the co-owner, who has given the Hong Kong businessman a deadline of December 23 to conclude the deal. He has spent £15 million in acquiring a 29.9 per cent stake in Birmingham four months ago, but there has been little sign of activity since Yeung met Steve Bruce, the manager, and the board a little more than a fortnight ago.

“David Sullivan has said he could not work with these people and we have heard no more,” Gold said. “There is a little over a month to go before the deadline for Mr Yeung to produce the funds he needs. He would require about £30 million to move to the next stage. At the moment the deal is not done and over the past two weeks I have gone from being 90 per cent sure that the sale would go through to about 75 per cent.

“I can’t give any reason for that, but I just don’t have the same confidence that I had two weeks ago - and I think David Sullivan feels the same.

“Only Carson Yeung can pull out of this by failing to meet the deadline. Myself and David Sullivan have given our word that we will sell. But it’s all a case of ‘show me the money’. That’s what this is all about and nothing more has gone on since our last meeting. We don’t have to sell and the club will carry on as usual if we don’t sell.”

Birmingham are presently fifteenth in the Premier League, three points above the relegation zone, having won only one of their past seven league matches.