City cast 'doubts' over Ranson proposals

In a statement to the Stock Exchange this morning, City confirmed they have received an offer from Ranson, which was made well over a month ago.

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After issuing a 'prompt response' on March 12, there has been no further contact between the two parties, although Ranson did confirm he is currently thinking over a formal bid.

Given their present financial position, and chairman John Wardle's willingness to sell the 29 per cent stake in the club he owns with former business partner David Makin, it would seem odd that any Ranson bid would be dismissed out of hand, even though it has previously been stated there is unlikely to be any deal with the former City player.

However, the club have now revealed their concerns over the offer.

"Ray Ranson's indicative proposals to date have contained a number of material conditions that the board do not believe can be fulfilled and this has been communicated to Ray Ranson's advisers," read the statement.

Despite their obvious concerns, City did offer Ranson the chance to inspect their accounts in order to carry out due diligence.

It has been suggested Ranson's offer includes the repayment of £20million in loans owed to Wardle and Makin, plus a summer transfer kitty of £20million.

City though insist no such deal has been suggested and have been irritated the matter has been raised again after so long without contact with Ranson.

"The board can confirm it received, and responded promptly to, a highly conditional indicative proposal from Ray Ranson and his advisers on March 12, 2007," continued the statement.

"For the avoidance of doubt, since March 12, 2007, contrary to media speculation, neither the purported '£90million bid' nor further proposals of any sort have been received by the company or its advisers from Ray Ranson.

"The board will continue to consider all indicative proposals and offers from potential offerers including Ray Ranson and, as announced on April 24, 2007, continues in preliminary discussions with interested parties.

"These discussions may or may not lead to an offer being made for the company."

Although former Thailand Prime Minister Thaksin Shinawatra is believed to be among those mulling over an offer for the club, at the moment, the favoured offer is believed to be from an American consortium, whom it is thought would leave the current management structure in place.

However, that deal is only expected to involve the purchase of the 29 per cent stake owned by Wardle and Makin, rather than a total buy-out Ranson is committed to, and is some way from conclusion.

The latest name to be linked with City is Jerome Simon, a San Francisco -based investment banker.

The Blues do not regard him as a serious potential new owner.