City confirm investment talks
22 Feb 2007 - 08:20:20
Manchester City could become the latest Premiership club to be the subject of a takeover after announcing they are in "preliminary discussions" with potential investors.
City chairman John Wardle revealed in December that the club were on the lookout for new investment and an announcement to the Stock Exchange on Thursday morning has confirmed they are talking to unnamed "third parties".
"The board of Manchester City notes the recent press speculation regarding the possibility of an offer being made for the company," confirmed the statement.
"Further to the company's announcement on December 7 2006, the board of Manchester City confirms that it remains in preliminary discussions with third parties that may or may not lead to an offer being made for the company.
"A further announcement will be made in due course as appropriate."
Wardle and business partner David Makin own a combined 30 per cent of the City shares, while BSkyB hold just under 10 per cent.
Meanwhile, Former club chairman and City player Francis Lee still holds seven per cent of the club's stock.