Gianni Paladini has confirmed he is heading a consortium who have launched a takeover bid for Birmingham.
But the former QPR chairman insists, contrary to reports, that Flavio Briatore is not involved.
Paladini, who is a close friend of former QPR owner Briatore, claimed the offer tabled is considerably more than the ?12million reportedly rejected by Birmingham's board, and told BBC Radio WM: "I am involved in a consortium and the bid is not ?12million, it's much, much more than that. Unfortunately I can't really say too much because everything is in the hands of the lawyers."
He went on: "Yes, we've made an approach. But I'd like to make a point that Flavio Briatore is not involved in this venture."
Paladini insisted he would not be waving blank cheques around should he and his team be successful in taking control of the club.
Asked about the wealthy members of the consortium, Paladini replied: "Even if I mentioned the names you wouldn't know them anyway because most of them are Italian, they all live in Italy."
Paladini left his native Italy in the 1960s and moved to Solihull where he has remained, stating: "I'm a Birmingham boy myself."
Becoming involved with QPR in 2003 and having helped save the club, Paladini kept his position as chairman at Loftus Road after the significant 2007 investment by Formula One chiefs Briatore and Bernie Ecclestone and the family of Lakshmi Mittal.
He stepped down in August 2011 following the takeover of Tony Fernandes and was handed a consultancy role. Paladini kept the position for three months before finally parting ways with QPR in November last year.