The Burnage-raised singer-songwriter says that Thaksin Shinawatra's takeover is never going to happen, and even joked about making a bid for the club himself with legendary Manchester DJ Mike Pickering.
Gallagher, a lifelong City fan, now believes the club are going to miss out on a top-class manager, and end up with a "Mickey Mouse" boss, as well as risk losing their best players.
And he also defended Joey Barton, even though the midfielder is demanding a £300,000 loyalty payment from the Blues as he tries to complete a move to Newcastle.
Gallagher has been watching developments at City following the Thai government's decision to seize £830m of Shinawatra's fortune.
The Oasis frontman said: "This takeover is never going to happen now, because the government has had his bank accounts frozen. It's pure Man City. I'm loving it.
"The fixture list comes out on Thursday, we haven't got a manager, we've only got half a team and we haven't sold any season tickets. It's brilliant.
"I'm thinking of mounting a hostile takeover - me and Mike Pickering. I reckon we could scrape together about £400,000 in cash. I reckon we would get it for that."
Depends
Gallagher believes that City have already missed out on the best possible replacement for Stuart Pearce . . . and it wasn't Claudio Ranieri.
He said: "In the dugout, I would like to have seen Sam Allardyce, but he went to Newcastle.
"It depends who's available now. It would be good if they got a foreign coach. But it all depends on the takeover. If there's no takeover, we'll get Neil Warnock."
Gallagher added that City will miss midfielder Barton's influence next season, and argued that the controversial 24-year-old has been unfairly criticised.
"He's a good lad, Joey. He's a friend of mine," Gallagher said.
"He gets a bad rap. But when you meet him, he's a really nice lad.
"It's good for him that he's moving to Newcastle. But I'm sad to see him go because he's our best player.
"I was sad to lose Sylvain Distin. He was another of our best players.
"At least we haven't lost Richard Dunne yet but he'll be out of the door soon."
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Showing comments 1 to 25 and replies | View All
MG, Burnage (13/06/2007 at 14:16)
Phil, Sheffield (13/06/2007 at 14:16)
"He gets a bad rap. But when you meet him, he's a really nice lad.
"Interesting" comments. There's no accounting for taste....
Woody (13/06/2007 at 14:17)
Castlefield blue, Manchester (13/06/2007 at 14:20)
Mike (13/06/2007 at 14:31)
Balti Pie, bury (13/06/2007 at 14:38)
Johnny Baguette, France (13/06/2007 at 14:42)
Sue Campbell, Prestwich (13/06/2007 at 14:44)
Dave P, Manchester (13/06/2007 at 14:47)
Stick your money and your opinions, you have never done anything for City and I doubt that this will ever change.
In addition, this is class journalism from a paper that has very little credibility already.
GazBrad, Disley, Stockport (13/06/2007 at 14:47)
If he plays about 30 or 40 consecutive Oasis concerts at Eastlands every year and donates the money to the City coffers we might not ever need a backer at all. Might have to bring out some new material though as it may get repetitive.
bluefield, chesterfield (13/06/2007 at 14:49)
City Slicker, Bristol (13/06/2007 at 14:54)
Blue-suede-dude, behind enemy lines (13/06/2007 at 15:19)
mike, none (13/06/2007 at 15:31)
salford red, prestwich (13/06/2007 at 15:33)
Phil, Sheffield (13/06/2007 at 15:52)
mozza_100, Ashton-under-Lyne (13/06/2007 at 16:10)
Ash Anelka (13/06/2007 at 16:21)
Prophet of Doom, Heaton Moor (13/06/2007 at 16:31)
Castlefield blue, Manchester (13/06/2007 at 16:38)
He is WAY better celeb fan than utd can muster- at least its something... (ow...fingers begin to hurt as I clutch at the final straw)
Blue Cowboy, Dallas (13/06/2007 at 16:58)
Noel in his songs, because he hasn't written anything good for years. A little like City, living on past glories.
The Truth (13/06/2007 at 17:18)
Doug (13/06/2007 at 17:18)
Cheryl McGuire, USA (13/06/2007 at 17:21)
Macca (13/06/2007 at 18:05)