Manchester City have received a £90million takeover bid from a British-based consortium headed by ex-player Ray Ranson.
Ranson, who previously failed in an attempt to buy Aston Villa, lodged his offer with the Eastlands outfit last night and is currently awaiting a response.
Although Stock Market rules prevent Ranson discussing his bid, it is thought any deal would result in a £20million transfer windfall for manager Stuart Pearce.
City chairman John Wardle has been in discussions with various parties over the sale of his 29% 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 currently seem best placed to complete a buyout of Wardle's shares, but former Thai Prime Minister Thaksin Shinawatra was also linked with a possible bid yesterday.
However, the Ranson offer is the first concrete proposal to be put before Wardle and it is likely a board meeting will be convened at some point within the next 24 hours to discuss a formal response.
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.
However, Ranson is thought 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.
The bid is well-timed given it arrived 48 hours after midfielder Joey Barton launched a fierce attack on the way City were being run "from top to bottom" and called for the fires to be re-started at the club.
A proposed £20million transfer nest-egg should certainly be enough to stave off the threat of relegation, which hung around so long after the New Year, and push City forward to the level Barton demands.
Ranson's name was heavily associated with the financial catastrophe at Leeds, with fans claiming it was the former England Under-21 defender's complicated buy-and-lease-back plans which led to the downfall of the Elland Road outfit.
He has vigorously defended himself against those charges though and, at a time when so many Barclays Premiership clubs have fallen into foreign hands, will no doubt be eager to stress the Britishness of his bid.
Although Stock Market rules prevent Ranson discussing his bid, it is thought any deal would result in a £20million transfer windfall for manager Stuart Pearce.
City chairman John Wardle has been in discussions with various parties over the sale of his 29% 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 currently seem best placed to complete a buyout of Wardle's shares, but former Thai Prime Minister Thaksin Shinawatra was also linked with a possible bid yesterday.
However, the Ranson offer is the first concrete proposal to be put before Wardle and it is likely a board meeting will be convened at some point within the next 24 hours to discuss a formal response.
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.
However, Ranson is thought 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.
The bid is well-timed given it arrived 48 hours after midfielder Joey Barton launched a fierce attack on the way City were being run "from top to bottom" and called for the fires to be re-started at the club.
A proposed £20million transfer nest-egg should certainly be enough to stave off the threat of relegation, which hung around so long after the New Year, and push City forward to the level Barton demands.
Ranson's name was heavily associated with the financial catastrophe at Leeds, with fans claiming it was the former England Under-21 defender's complicated buy-and-lease-back plans which led to the downfall of the Elland Road outfit.
He has vigorously defended himself against those charges though and, at a time when so many Barclays Premiership clubs have fallen into foreign hands, will no doubt be eager to stress the Britishness of his bid.
Copyright (c) Press Association
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