Carson Yeung is asking for more time to complete his £50million takeover of crisis club Birmingham, according to reports.
The Hong Kong businessman has been given until December 20 by the current co-owner David Sullivan to buy Birmingham.
But the Birmingham Mail claim Yeung, who bought a 29.9% stake in the club in July, wants to extend that deadline.
It is understood Yeung and his associates are struggling to raise the appropriate funds.
Sullivan has always said there will be no extension and, unless he undertakes a u-turn, it means Yeung could be forced to pull out of the proposed takeover.
It is the latest bombshell for Blues, who could be soon losing the services of manager Steve Bruce to Wigan.
The Latics want Bruce to replace Chris Hutchings after failing to persuade Paul Jewell to rejoin the club.
Blues are considering giving Bruce permission to talk to Wigan owner Dave Whelan after Yeung blocked the new contract he had agreed with Sullivan and chairman David Gold six months ago.
Bruce is currently on around £15,000 a week but would triple his salary by moving to the JJB Stadium on a four-year contract.
He has become increasingly frustrated at events at St Andrews and has no idea what transfer budget he will receive in January - even if Yeung does manage to finance a takeover.
Agreeing compensation with Wigan is unlikely to be a major stumbling block if they allow Bruce, who has 19 months left of his contract, to speak to the Latics.
Bruce has been in charge of Birmingham for six years and admitted to regaining his enthusiasm through the new young squad he assembled in the summer despite spending only £7million.
But the contract knock-back by Yeung and the uncertainty over the future of the club is forcing Bruce to consider seeking a new challenge.