Man City takeover bid revised

A revised proposal to takeover Manchester City has been submitted to the board by former player Ray Ranson.

Ranson issued a statement to the Stock Exchange confirming his latest move to gain control at Eastlands.

The former Manchester City full-back issued "indicative proposals" with a view to a possible buyout to the club's board on Tuesday but City responded by expressing doubts about the conditions. Now Ranson has returned with his revised proposal.

The Ranson statement read: "Further to the announcement made by Ray Ranson on 24 April 2007 and to the announcement made by Manchester City plc on 25 April 2007, Ray Ranson can confirm that he has submitted a revised proposal to the board of the club with a view to making a possible offer for the club.

"Ray believes that this revised proposal (which Ray has been ready to submit for a number of days subject to the completion of an initial review of certain due diligence information) addresses the club's stated concerns about conditionality.

"Ray would very much like to enter formal discussions with the board of the club to progress his proposal."

Despite this interest the Blues board appear to have doubts over the bid having consistently distanced themselves from any Ranson approach. There seems to be concern that his plans would actually worsen the club's financial situation.

On Wednesday City confirmed they were still in talks with other interested parties, suggesting that chairman John Wardle would prefer to do business elsewhere.

At the moment, the favoured offer is believed to be from an American consortium, although that deal is expected to only involve the purchase of the 29 per cent stake owned by Wardle and his former business partner David Makin, rather than a total buyout.

There is the possibility of interest from former Thailand Prime Minister Thaksin Shinawatra, although that is tentative at best, leaving Wardle in a difficult situation and with an important decision as to the future of the Manchester club.

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