Birmingham have confirmed the Football League have placed them under a transfer embargo after they failed to submit their club accounts on time.

Birmingham owner Carson Yeung has been arrested and charged with five counts of money laundering involving £59m (€65.5m), according to a report.

Birmingham are confident they will meet the financial criteria which will enable them to compete in Europe next season after their Carling Cup triumph.

Financially struggling China Eastern Airlines plans to buy 20 Airbus A320 jets following an agreement last week with the European aircraft maker.

The potential bidder circling telecoms group Cable & Wireless pulled out of the running today after a weekend of intense takeover speculation.