Birmingham City’s first major trophy win in 48 years may have sparked wild celebrations. But relegation and financial woes continue to dog the Blues.

On-loan striker Obafemi Martins’ 89^th-minute tap-in gave Blues a merited Wembley victory against hot favourites Arsenal.

Boss Alex McLeish rated the triumph as “my greatest achievement” as a manager, and added: “For a small club like ours to beat Arsenal was a titanic effort.”

However, they followed this up with a dismal home defeat, against bitter city rivals West Bromwich Albion of all teams.

This left them in the EPL’s bottom three, a point behind resurgent West Ham.

However, their 1-1 draw in last night’s Goodison Park encounter with mid-table Everton lifted them back above the Hammers into 17^th place on goal difference, Chilean international Jean Beausejour scoring City’s goal.

Their dreams of playing in next season’s Europa League may yet be shattered by the concerning financial situation of the club’s Hong Kong-based parent company, Birmingham International Holdings (BIH).

BIH has debts of £29m and the club, which provides most of the company’s turnover, needs to be financially stable to qualify for European competition.

Blues acting vice-chairman Peter Pannu dismissed the concerns, claiming that the club had “no financial impediment” despite ‘owner’ Carson Yeung having to put up personal properties to secure a required loan to keep the club operating.

Blues host Bolton Wanderers in the FA Cup quarter-finals this Saturday lunchtime, seeking a Wembley double, as the semi-finals will take place at the national stadium.