THE race for control of Manchester City is hotting up.

Four groups of investors are competing against each other to take the reigns at Eastlands.

A crowded race to replace John Wardle and David Makin as the Blues controlling shareholders has developed, with the club confirming that they are in `preliminary discussions with external parties'.

It is believed that two sets of potential foreign investors are well ahead of the field, with an American group in pole position.

Talks have been going on for two months, and it could be the end of the season before a deal is finally sealed.

Initially, the newcomers would invest heavily in the Blues, whose loyal fanbase is the big plus, but they may end up financing a full é70m takeover.

One of the issues stalling the talks, and any early announcement, is major shareholder Wardle's desire to ensure the club is left in the best possible hands.

He, and chief executive Alistair Mackintosh - who, contrary to rumour, is not involved in a management buyout - are delighted that there has been so much interest in the club, but are committed to conducting stringent and time-consuming checks on would-be investors. They are particularly anxious to establish how the various consortia are bringing in their own finance.

At today's values, it will take almost é14m to buy the near 30 per cent shareholding of Wardle and his former business partner Makin, though when all their loans are taken into consideration, that figure will rise to nearer é30m.

Discussions

The American group - and indeed all four interested parties - know it would cost é70m to take over the club, which would include a boost for manager Stuart Pearce's close-season transfer kitty.

The whole takeover could come before the end of this season, but as today's statement to the Stock Exchange explains, discussions are still at a relatively early stage.

"The board of Manchester City notes the recent Press speculation regarding the possibility of an offer being made for the company," read their statement to the Stock Market.

"Further to the company's announcement on December 7, 2006, the board confirms that it remains in preliminary discussions with external parties that may, or may not, lead to an offer being made for the company.

"A further announcement will be made in due course."

City's Premiership rivals West Ham United, Villa and Liverpool have been the subject of big money takeovers by foreign investors already this season.

The Blues, along with Newcastle, are seen as the next most desirable target for investors.

The Blues are ready to announce half-year financial figures next week and they are expected to be healthy. Aside from Wardle and Makin, the other major players at Eastlands are the Boler Estate, which holds an 18.75 per cent stake, BSkyB with 9.88 per cent and ex-chairman Franny Lee who has a little more than 7per cent.

With soccer the fastest growing sport in the USA, multi-millionaire businessmen have been eyeing Premiership clubs for sometime. Neighbours United, Liverpool and Villa are all already under American ownership.

English Premiership football generates huge sums of money that make owning a top club quite an attraction, particularly now the é2.7bn three-year TV deal has been signed.

Even the club finishing bottom of the division will receive é26m. City are currently 17th on football's latest rich list with a turnover in excess of é60m.

Of the English clubs not already bought, only Arsenal, Spurs and Newcastle are above them in that table. It is hardly surprising the Blues are a popular target.

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