Man City continue takeover talks

Manchester City have confirmed they remain in talks with potential buyers which 'may or may not lead to a bid' for the club.

In a carefully-worded statement to the Stock Exchange, City failed to confirm they had received an offer from Ray Ranson which, given the strict financial rules which operate within the City of London, can only infer that no formal bid has been made.

But it is believed Ranson will issue his own statement to the Stock Exchange later today in which he will clarify his position.

As they are currently in an Offer Period, a City spokesman will now be required to read out a short statement to the media prior to every press conference, ensuring there is no repeat of last week's events, when manager Stuart Pearce indicated a deal was getting closer.

"The Board of Manchester City notes certain recent press articles attributing comments to manager Stuart Pearce regarding the possibility of an offer being made for the company," said the statement.

"Further to the company's announcements on December 7, 2006 and February 21, 2007, the board of Manchester City confirms that it remains in preliminary discussions with third parties that may or may not lead to an offer being made for the company."

City chairman John Wardle has been in discussions with various parties over the sale of his 29 per cent stake in the club, owned jointly with business partner David Makin, although so far there has been no sign of a deal being concluded.

An unnamed American consortium seem best placed to complete a buyout of Wardle's shares but no announcement is imminent, while former Thai Prime Minister Thaksin Shinawatra was also linked with a possible bid yesterday.

Shinawatra failed with a much-publicised attempt to buy Liverpool in 2004.

It has previously been suggested the City hierarchy would not be interested in doing business with Ranson because they did not want the club saddled with further debt.

But Ranson is said to have the funds in place to pay off the £25million owed to Wardle and Makin and also has plans in place to eventually wipe away £40million owed to other creditors.

Ranson's City connections are likely to appeal to the club's long-suffering supporters, who are concerned at the lack of investment in players.  PA