Takeover news

Discussion in 'Manchester City' started by Frankfurt Blue, Nov 21, 2004.

  1. Frankfurt Blue

    Sep 3, 2003
    Today from the BBC 21st November:
    Manchester rivals City are set for a £40m takeover in the New Year through Norwegian shipping magnate Inge Steensland. (Sunday Express)

    1st November
    Rumours have surfaced that the Blues, who confirmed on Friday that their debt levels had risen to £62million, had been targeted by Norwegian organisation Inge Steensland AS.
    Prime mover behind the move was believed to be Morten Andersen, a long-time City fan and friend of Blues legend Peter Barnes.
    However, Andersen has claimed the reports are 'total rubbish and ridiculous', while City, whose chief executive Alistair Mackintosh has visited the Far East, Russia and the United States looking for new investment, have been equally
    "We have spoken to Morten Andersen," confirmed City spokesman Paul Tyrrell.
    "He is a fan of the club and he is a shareholder who has expressed interest in buying some more.
    "But he is not a director at Inge Steensland AS and doesn't have substantial funds to invest."
    City are keen to bring in new funds in a bid to reduce their debt and ease the pressure on chairman John Wardle who, together with JD Sports business partner David Makin, has invested over £7million of his own money into the club.
    Former Blues player Ray Ranson had his offer to invest £1million in City in exchange for a place on the board turned down earlier this year, while reports linking former Coventry owner Bryan Richardson with an attempt to buy into the club have also been dismissed.
    One thing is for sure, the club cannot afford to be run in such a manner as it has been done for over the last couple of years. The present board and shareholders have allowed debts to rise, especially with the aid of Keegan.

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