Ranson out of the running for City

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The former Blues player was a contender to purchase the Eastlands outfit, believing he offered a better alternative than current favourite Thaksin Shinawatra.

Despite Ranson's optimism a deal could be done which would wipe away some of City's near £60million debt and supply a new manager with a substantial transfer kitty, there were serious doubts among the City hierarchy about his ability to deliver the cash.

Some senior Blues officials were openly hostile to Ranson and although talks were continuing despite Shinawatra's emergence as a likely buyer, they were only through third parties.

So, with the chances of an agreement being reached virtually non-existent, Ranson has backed out.

"Ray has been unable to reach agreement with the board in progressing discussions and therefore announces that he is withdrawing from further talks relating to a possible offer for the club," said a statement released to the Stock Exchange.