City in 'advanced' takeover talks

Manchester City have moved a step closer to a takeover, with the club revealing they are in advanced discussions with interested parties.

Former Thai prime minister Thaksin Shinawatra is favourite to take control of the Barclays Premiership side.

And the club will release a statement on Tuesday morning to the Stock Exchange, which reads: "The board of Manchester City can confirm we are now in advanced discussions with interested 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."

The news comes shortly after Claudio Ranieri - who last week quit as manager of Parma and expressed his desire to take over at Eastlands - turned his back on City.

Ranieri was hoping to be installed as City's new boss - but his plans depended heavily on Shinawatra pushing through his takeover plans.

The City takeover saga has proven painfully slow for fans, who are anxious to know who is going to be in charge of their club next season.

Having initially given the impression a deal would be concluded for Shinawatra to buy the 29% stake of chairman John Wardle and business partner David Makin by the end of last month, talks have dragged on, with paperwork now being handled by Shinawatra's lawyers.

Advisors for Shinawatra have insisted the process will not be halted by a ruling in Bangkok that he had been involved in electoral malpractice - a verdict which prevents him taking up any political role for five years.