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Manchester City talking with investor
England - 08 December, 2006
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English Manchester City chairman John Wardle announced the club has started comprehensive talks that could lead to a considerable boost in investment capital.
Wardle would not comment on the identity of the potential investor, but it is good news and will make life easier for chief executive Alistair Mackintosh, who came under fire for not bringing in new money.
"I can confirm that during the past year, we have identified a series of leads in relation to possible investment in the club," said Wardle.
"I can further confirm that we are currently in talks with an investor that may lead to potential investment. Talks are at a very early stage and accordingly we are not yet in a position to disclose the identity of the possible investor."
Manchester City is one of the top Premier League clubs in terms of average attendance, but it has recently lacked the money to build on the progress that was made in the initial stages of the free-spending Kevin Keegan era.
Wardle and business partner David Makin have invested GBP 20 million of their own money into the club, but at a time when rivals such as English Aston Villa and English West Ham have been taken over with the prospect of money being available for transfers, the partners know they need to pull in more funds.
"The board are aware that we need further investment to maintain our challenge in an increasingly competitive and high-finance Premier League," said Wardle.
"With the new TV deal commencing next season, we are all conscious of the importance of the current campaign.
"Whether or not the current talks succeed, the policy of the board is to welcome approaches from investors who can demonstrate the capacity and commitment to provide long-term benefit for the club."
Wardle and Mackintosh are cautious of giving out too much information regarding the negotiations and the fact they went public with the news was seen as a sign the talks will reach a positive conclusion.
Mackintosh has been heavily criticised for not bringing in new funds but some of his behind-the-scenes work was not noticed.
He had met with potential investors who made promises to the club and then found their capacity to deliver was inadequate to meet the needs of the multi-million pound football industry at the highest level.
"Over the past year we have identified a series of leads in relation to possible investment," said Mackintosh.
"We have always made it clear that the club would welcome new investment from anybody with the best interests of the club at heart."
Wardle made it perfectly clear he would step aside if it were a requirement of any possible deal.
Wardle would not comment on the identity of the potential investor, but it is good news and will make life easier for chief executive Alistair Mackintosh, who came under fire for not bringing in new money.
"I can confirm that during the past year, we have identified a series of leads in relation to possible investment in the club," said Wardle.
"I can further confirm that we are currently in talks with an investor that may lead to potential investment. Talks are at a very early stage and accordingly we are not yet in a position to disclose the identity of the possible investor."
Manchester City is one of the top Premier League clubs in terms of average attendance, but it has recently lacked the money to build on the progress that was made in the initial stages of the free-spending Kevin Keegan era.
Wardle and business partner David Makin have invested GBP 20 million of their own money into the club, but at a time when rivals such as English Aston Villa and English West Ham have been taken over with the prospect of money being available for transfers, the partners know they need to pull in more funds.
"The board are aware that we need further investment to maintain our challenge in an increasingly competitive and high-finance Premier League," said Wardle.
"With the new TV deal commencing next season, we are all conscious of the importance of the current campaign.
"Whether or not the current talks succeed, the policy of the board is to welcome approaches from investors who can demonstrate the capacity and commitment to provide long-term benefit for the club."
Wardle and Mackintosh are cautious of giving out too much information regarding the negotiations and the fact they went public with the news was seen as a sign the talks will reach a positive conclusion.
Mackintosh has been heavily criticised for not bringing in new funds but some of his behind-the-scenes work was not noticed.
He had met with potential investors who made promises to the club and then found their capacity to deliver was inadequate to meet the needs of the multi-million pound football industry at the highest level.
"Over the past year we have identified a series of leads in relation to possible investment," said Mackintosh.
"We have always made it clear that the club would welcome new investment from anybody with the best interests of the club at heart."
Wardle made it perfectly clear he would step aside if it were a requirement of any possible deal.
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