Less than a decade ago, Birmingham City were enjoying life in the Premier League and celebrating a League Cup final win over Arsenal. Yet over the past year, the club have faced a nine-point deduction and scrutiny of their accounts suggests they stand on the precipice of financial calamity. The club’s chief executive, meanwhile, is facing legal action on behalf of Luis Figo.



Birmingham were docked nine points last season after becoming the first club to receive a Football League points deduction due to breaches of Profitability and Sustainability regulations — English football’s equivalent of Financial Fair Play. EFL clubs are only permitted to lose £39 million over a three-year accounting period but Birmingham incurred losses of £48 million between 2015 and 2018.



Now the Championship club await the final outcome of a second investigation. The EFL charged Birmingham in January over alleged failures to lower their cost control, as part of...