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Last Updated: Thursday, 22 February 2007, 08:32 GMT
Man City in talks with investors
Manchester City
Manchester City's board have admitted they are seeking investment
Manchester City have announced to the Stock Exchange they are in "preliminary discussions" with potential investors that may lead to an offer for the club.

City revealed in December's AGM they were in talks with one investor, but it seems more than one party is keen.

"The board confirms it remains in preliminary discussions with third parties," said the statement.

The club's major shareholders are John Wardle and David Makin who own nearly 30% of the Premiership club.

The next largest shareholders are Mark Boler (18.75%), BSkyB (9.9%) and Francis Lee (7%+).

According the Radio Five Live's Brian Alexander, City are believed to have denied the reported involvement of two potential bidders.

"Philip Anschutz, owner of Millennium Dome and five football teams in America, was said to be among the bidders as was Michael Neville, who was interested in Aston Villa," said Alexander.

"But both rumours have been denied."

City's intentions came to public knowledge at the end of last year.

Chairman Wardle said at the time: "The board is aware that we need further investment to maintain our challenge in an increasingly competitive and high-finance Premier League.

"We have identified a series of leads regarding possible investment in the club.

"Talks are at a very early stage and accordingly we are not yet in a position to disclose the identity of the possible investor.

"Hopefully, something comes of these talks because I would be prepared to pass the baton on if it allowed the club to get back into the honours."

606 DEBATE: Give your reaction to this news

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