Manchester City have opened detailed talks which may lead to significant  investment in the club.

Chairman John Wardle confirmed the news in his speech to City's annual general meeting this morning, raising the prospect of a much sought-after injection of capital.

Although Wardle refused to disclose the identity of the potential investor, after months of discussions with various parties it is undoubtedly positive news and takes the heat off chief executive Alistair Mackintosh, who has come under
fire for failing to bring in new money.

"I can confirm that during the past year, we have indentified a series of leads in relation to possible investment in the club," said Wardle.