The Football League has released a statement clearing Birmingham City of any wrongdoing after their former president Carson Yeung was convicted of money laundering.

Yeung was this morning found guilty of five counts of money laundering by a Hong Kong court.

The club's acting chairman Peter Pannu said this morning that the club wouldn't be affected by the news, something that the league has confirmed.

"Since the commencement of these criminal proceedings, the club's holding company has introduced revised arrangements to ensure that it could relist on the Hong Kong Stock Exchange and comply with Football League regulations," read the league's statement.

"They include the resignation of Mr Yeung from all directorships, and the introduction of new working capital to ensure the ongoing financial viability of the group.

"The league has been working with the club during this period and, based on the information provided, is satisfied that Birmingham City complies with its requirements regarding ownership, as well as having funding arrangements in place until at least the end of the 2013/14 season."

Yeung, who completed his takeover of the Blues in 2009, resigned from his positions with the club last month.