The long-term future of Manchester City is in doubt again today after it emerged that owner Thaksin Shinawatra has tentatively explored the possibility of selling the club.

Sportsmail can reveal that the former Thai Prime Minister has spoken to an intermediary in the financial world over the past month about finding prospective buyers.

Eastern promise: Thaksin Shinawatra says he wants the best for Manchester City but events in the Thailand courts look like dictating the club¿s next chapter.

And sources close to the situation revealed last night that two anonymous parties have been approached as Thaksin has investigated ways of selling the club he bought for £80million last summer or bringing in fresh investors.

Currently there is no prospective deal in the pipeline and it is not known whether Thaksin, 59, is actively trying to sell now or merely testing the water for the future. But as he struggles to get £800m of assets unfrozen in his native Thailand while currently facing trial on corruption charges in Bangkok, it appears he is considering cutting his losses at the City of Manchester Stadium.

New manager Mark Hughes is currently trying to remodel a playing squad that he considers to be ill-equipped for a top-six Barclays Premier League challenge, but it is understood there is not a huge amount of money for him to spend this summer.

Furthermore, it is believed that Thaksin's cash-flow problems were such last season that he twice had to borrow substantial amounts of money from former owner John Wardle in order to pay the wages.

This money has since been repaid to Wardle, who quit his post as deputy chairman a disillusioned man earlier this summer. Since Hughes took over, City have spent £3m to sign Israel defender Tal Ben Haim from Chelsea and announced a £19m club record deal for Brazilian striker Jo. Nevertheless, it is understood that the down-payment on Jo was actually a much more modest £4m, with the rest to come in instalments.

The club are close to sealing the £7.5m sale of Croatia defender Vedran Corluka to Tottenham as Hughes endeavours to release cash for new players such as Blackburn striker Roque Santa Cruz and West Ham defender Lucas Neill.

A recent bid to buy goalkeeper Brad Friedel from Blackburn fell down because City would not match the wages offered by Aston Villa.

There was a further setback for Hughes last night when Michael Chretien snubbed City in favour of a new deal at his current club, French league Nancy.

Hughes was ready to offer the Moroccan defender a £3.5m move to the Premier League. But Chretien, 24, made a surprise U-turn and signed a deal that keeps him in France until 2012.

City are committed to significant payments on the eight players - Corluka among them - signed on staggered deals by Hughes' predecessor Sven Goran Eriksson just prior to last season. The headline investment last summer was £45m but the initial cash outlay was between £15m and £20m.

Last night a Manchester City spokesman said: 'It is not true to say that Dr Thaksin Shinawatra is trying to sell Manchester City, nor that he is looking for a buyer. Since he bought the club a number of potential investors from his wide network of business associates have spoken to Dr Thaksin about investing in the club. These discussions have been nothing more than exploratory.'