Manchester City’s Ray Ranson Of Light
IT was to be a match made in footballing heaven – former star turned millionaire entrepreneur taking control of the club where he made his name.
But after months of protracted negotiations with Manchester City’s board, Ray Ranson has decided to pull out of his takeover bid.
A statement to the Stock Exchange says: “Ray has been unable to reach agreement with the board and withdraws from talks relating to a possible bid.”
Ranson, who made his money in insurance and sports finance, had submitted a bid in April worth an estimated £90million. The deal is rumoured to have included the repayment of £20million in loans owed to chairman John Wardle and David Makin, as well as a transfer war chest of £20million.
But with little or no headway made in the negotiations with the City board, Ranson’s dream of owning the club where he started in the game is, for the moment, over.
However, the 46-year-old hasn’t completely put himself out of the picture as he did reserve the right to renew his interest in City should former Thai Prime Minister Thaksin Shinawatra, the man believed to be club’s preferred choice to take over, make a formal offer.
Or City win the Premier League…
Posted: 31st, May 2007 | In: Money Comment | TrackBack | Permalink
