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The Championship outfit stated that two letters of intent to purchase have been entered with a potential takeover party on Wednesday morning ahead of their trip to Wearside this weekend.

The statement from Birmingham reads: “The parties involved will now enter a period of exclusive negotiation to agree the final terms of the transactions which will formulate the Definitive Agreements.

“The Definitive Agreements are expected to be entered into within two months of the date of the letters of intent, at which time the potential purchaser will also be announced.

BIRMINGHAM, ENGLAND - AUGUST 18: A general view of St. Andrews prior to during the npower Championship match between Birmingham City and Charlton Athletic at St. Andrews Stadium on August 18, 2012 in Birmingham, England. (Photo by Ben Hoskins/Getty Images)

“The transactions will be conditional upon the fulfilment of the terms in the Definitive Agreements, including the approval and consent of the English Football League (EFL).”

The Black Cats are four points off the play-off spots with five games to go. Birmingham currently sit 17th.

Championship news: Birmingham City takeover update drops days before Sunderland clash