Ranson withdraws City bid
Ranson has pulled out of the running at the City of Manchester Stadium
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Wednesday, 30, May 2007 09:00
Ray Ranson has pulled out of the running to buy Manchester City after talks with the Eastlands board failed to produce an agreement.
The former City defender had hoped to take control of the club after presenting a revised proposal to directors in April.
"Ray has been unable to reach agreement with the board and withdraws from talks relating to a possible bid," said a statement issued to the stock exchange.
The 46-year-old has spent six months attempting to tie up a deal but, even after he improved an original offer of around £90 million, it appears that the City hierarchy will hold out for another buyer.
Former Thai prime minister Thaksin Shinawatra could now make an offer after earlier signalling an interest in obtaining a stake in a Premiership club.
Shinawatra narrowly missed out with a bid for control of Liverpool in 2004 and has considerable personal wealth to back an approach to City.
Ranson is believed to have reserved the right to try and match any future bid that is made for control of the club.
He has previously failed with bids for Aston Villa before the Midlands club accepted investment from American Randy Lerner.