City in talks with potential investor

December 07, 2006

MANCHESTER City are in talks with a mystery investor that could lead to a é70m takeover, it has been revealed.

Chairman John Wardle revealed that the Blues are involved in talks with an unidentifed individual for a significant investment in the club.

It is believed there are two other possible investors waiting in the wings, although the club's books have not yet been opened to any of them.

Wardle said the talks were "at a very early stage", and was keeping tight-lipped on the amount of money involved.

But any investment approaching é70m could lead to a takeover bid with the backing of Wardle and his board. He said: "I can confirm that during the past year, we have indentified a series of leads in relation to possible investment in the club.

"I can further confirm that we are currently in talks with an investor that may lead to potential investment."

Potential

Wardle has always made it clear he would be willing to step aside should it be a requirement of any potential deal, although it is not known exactly how much day-to-day involvement the specific investor City are talking to would have in the club.

Wardle and business partner David Makin have personally ploughed é20m of their own money into the club but, at a time when rivals of similar standing such as Aston Villa and West Ham have recently been taken over with the prospect of extra money being made available for transfers, they remain acutely aware of the need to attract more funds.

Wardle added: "The board are aware that we need further investment to maintain our challenge in an increasingly competitive and high-finance Premier League. With the new TV deal commencing next season, we are all conscious of the importance of the current campaign.

"Whether or not the current talks succeed, the policy of the board is to welcome approaches from investors who can demonstrate the capacity to provide long-term benefit for the club."

It would cost any prospective purchaser around é70m to take full control of the Blues and they would probably have to buy out major shareholders Wardle and Makin (29.95%), The Boler Estate (19.95%) and either BSKYB (9.88%) or former chairman Francis Lee (7.13%) to attain a controlling interest.

Delicate

Although both Wardle and chief executive Alistair Mackintosh are wary of giving too much information given the delicate nature of negotiations, the mere fact they have gone public with the news is seen as a sign of confidence talks will eventually reach a positive conclusion.

While Mackintosh has been heavily criticised by some sections of the City support for not bringing in new funds, a lot of behind-the-scenes work has gone unnoticed.

He has had numerous meetings with potential investors, who have promised much only for City to then discover their capacity to deliver was insufficient to meet the needs of the multi-million pound football industry at the highest level.

éOver the past year we have identified a series of leads in relation to possible investment,é said Mackintosh.

éWe have always made it clear that the club would welcome new investment from anybody with the best interests of the club at heart.é

What do you make of the news? Have your say.

Submit Comments | Comments (162) |

Showing comments 1 to 25 and replies | View All

STE KIRK, SOUTH STAND (07/12/2006 at 10:38)

I heard it's Harb Electrics from Hyde and they're willing to pump ¿¿400 into us...

Sandra, Galway, Ireland (07/12/2006 at 10:38)

I'll believe it when I see it.

Shaun, My desk (07/12/2006 at 10:40)

Well there's a bolt from the blue! As this is City I'll keep my powder dry till I hear more,
but fantastic news nonetheless.
Discuss.

A happy Boo Camper, The Boo camp (07/12/2006 at 10:43)

I really, really, hope its a American.......so we can both chant USA USA USA ! at each other at derby matchs, strange how it will ok for you city fans, if thats to be the case....instead genrating your money by good open attacking football.........i'm sure this going to open a very fun debate........can't wait to hear from you.

Bertie Blue Nose, Eastlands (07/12/2006 at 10:44)

"The mere fact they have gone public with the news is seen as a sign of confidence talks will eventually reach a positive conclusion." Well, that's your opinion. I see it as a diversion designed to take the heat off the club's board, in particular Alistair Mackintosh. And in any case, it's not necessarily about money, it's about how you spend what you've got. The board gave millions to Keegan, and he frittered much of it away on second-rate foreign rubbish, which is why the begging bowl is out today.

Stephen Petrou, notts (07/12/2006 at 10:49)

GOD BLESS THAT LUCKY COIN, LETS BURN THE CURSED SOCK

RED LEADER, 30 YEARS OF PURE PLEASURE (07/12/2006 at 10:50)

I can exclusively disclose that les battersby and curly watts won ¿¿500 quid on United last night and have agreed as true blues to invest it in the club.

It has been earmarked for some new super size corner flags - soon Manchester City will therefore have the biggest corner flags in tameside-you could describe them as massive

Stuart, Rugby (07/12/2006 at 10:53)

I'll believe it when I see it!!!

shaz, manchester (07/12/2006 at 10:55)

Would never have believed this but i was at the match agianst Watford and i was sure i seen the Sultan of Brunei there!!!!!!!!!!

reidus, sheffield (07/12/2006 at 10:57)

It's me, im the secret investor!!!

Troutman, Germany (07/12/2006 at 11:04)

I can't believe he's gone public - after I asked him not to reveal that I'd be giving him the tenner I got off a scratchcard last Saturday!

jp, mancunia (07/12/2006 at 11:04)

yeh, we're charging that chip van outside the east stand, some rent... ha..

JG, Town (07/12/2006 at 11:05)

Doubtless there will be the usual cynical and ill-informed critisism of Mackintosh, Wardle and the board on the back of this. Seems to me that despite some posters views on this that this board are actually pretty clued up. They haven't spent money we haven't got. They've sold at the right time for the right money and they are putting straight mistakes they've made with KK. Agree with others that there is a more commercial approach but that's indicative of football in general. Change isn't always the best move and I for one would rather see this administration strengthened than someone like Romanov at Hearts (or the Glayzers come to that!) coming along. Be careful what you wish for.

JA, Salford Blue (07/12/2006 at 11:06)

Its a shame Curly and Les wont invest their ¿¿500 in united Red Leader. Because afterall you are the ones who are in over ¿¿700m in DEBT. By the way, are you one of them dead hard men in black or are you a K stand warrior ha ha ha, you muppet

DUBLIN, BLUE (07/12/2006 at 11:08)

there is one invester who could lift this club out of its financial follies
he is a life long city supporter a CEO of top irish/european budget airline with a personal fortune of ¿,¿500 million he has refused to invest in the club in the past because like the rest of us city has broken his heart so many times THIS MAN WOULD TURN THIS CLUB AROUND

Chris, Chorlton (07/12/2006 at 11:13)

Probably potential income from renaming the ground to 'Pot Noodle Bowl', or 'KY Arena'. Let's hope Mackintosh doesn't slip up!

P'boro Blue, ex Levenshulme (07/12/2006 at 11:16)

Maybe the bog roll industry has had a good year and its "Forward with Frannie MK 2". SP will no doubt be replaced with a rejuvenated Alan Ball who will immediately fire Jim and the rest of the staff at the Academy as "an excessive diversion of available overhead"

Shanny, Hyde, Cheshire (07/12/2006 at 11:18)

Can anyone justify the decision to award Alistair Macintosh an annual bonus of ¿¿50,000 to take his total remuneration to just over ¿¿300,000 for the year ended 31st May 2006. The previous year his total remuneration was ¿¿234,667. These figures are from City's accounts.

transfer pundit, Stockport (07/12/2006 at 11:20)

could be the best christmas present any City fan could hope for,and what everyone from happy-clapper to whinging moron and all those in between have been praying for. Hopefully the fact he has come out and said it is a sign that there is real hope of the deal happening. If we can get the weight of those debts off the shoulders of City and have a decent amount of csh for transfers(and lets be honest, we won't get an investor with the sums of money that the Ruski and Chelsea has got) but if someone is willing to invest ¿¿20 - ¿¿50 million on players in the next couple of seasons then we could have a squad that will challenge for Europe and perhaps once again provide the entertaining football that we all desire.Heres hoping!

Frank Sidebottom Junior, Hulme (07/12/2006 at 11:26)

Perhaps the easy life, pointless, couch potatoe scum fans are right... Maybe it's now time for F.C. City of Manchester?... Seriously though, I hope the board can negotiate some decent money for us and then make sure that our best players stay at the club for starters.

kippaxboy, manchester (07/12/2006 at 11:31)

i think its probably the fella who formally owned phones 4 u until he sold it last week or the week before for a couple of billion - he rewarded his staff with a 3 million payout to share as well.....lifelong blue apparently...lets hope h fancies wasting a few more million

Optimist (07/12/2006 at 11:32)

It is better to light the smallest light than to moan about the general darkness.

BLUEGOD, ITS ROMANS MISSUS (07/12/2006 at 11:32)

ROMANS MISSIS AFTER SHE'S MILKED HIM IS A MASSIVE CITY FAN HOPEFULLY COULD BRING A COUPLE OF BILLION WITH HER ( I LIVE IN HOPE )

john, london (07/12/2006 at 11:32)

every day i come on this site and read all the so called supporters moaning about everything and then the chairman who has put his own money inthe club comes out and said we are talking to potential investors and its still moan moan moan some of you supporters you just cant win can you lets see what happens and be positive for a change

Napoleon, Manchester (07/12/2006 at 11:32)

Why are some intent on dismissing this news as some kind of joke before anyone (Other than the board) know any details? For Gods sake wait until we know the details. Then if it is a "Joke" in some peoles eyes have a go all you want. Best fans in the world? If you were an investor you might think twice - damned if you do damned if you don't.

()

Manchester City Premier League champions 2011/2012