Ranson out of City running
30 May 2007 - 18:14:30
Ray Ranson has withdrawn his bid to buy Manchester City leaving former Thai premier Thaksin Shinawatra as the frontrunner to complete a takeover of the Premier League club.
Ranson had made a revised takeover proposal to the Eastlands board in April but has now decided to pull out of the race.
However, the former City defender has reserved the right to renew his interest should Shinawatra make a formal offer.
The 46-year-old businessman had also previously failed in a protracted bid to purchase City's Premier League rivals Aston Villa.
Earlier this month, Shinawatra - a former policeman who rose to political prominence in Thailand before being ousted in a coup - was granted permission to look at the club's accounts as his £90million buyout gathered pace.
The now London-based former politician was also reportedly shown around the club's City of Manchester Stadium and training ground.
"Everything is going smoothly," Shinawatra's lawyer Noppadon Pattama was quoted as saying.
"We hope the deal will be formally concluded by early June."
