Manchester City will not announce their new manager until prospective new
owner Thaksin Shinawatra has bought a 75% stake in the club.
That could happen later in the week with former England coach Sven-Goran
Eriksson on the brink of accepting an offer to take charge.
But the deal would appear to hinge on Thaksin getting 75% of City's shares.
The board have already recommended shareholders accept his £81.6million bid.
The former Thai prime minister currently has a 55.9% stake. The only other
major shareholder is Sky, who own 9.9%.
Should they come on board that would take Thaksin up to 64.9% and closer to
the 75% mark where he could de-list the company.
Eriksson is understood to be very likely to commit himself to a three-year
deal shortly but City attempted to play down rumours of the Swede's impending
arrival today.
'The board notes the media speculation concerning the managerial position at
the club,' read a statement from chief executive Alistar Mackintosh on City's
official website:
'Earlier today, UK Sports Investments Limited announced that the offer
document in respect of its offer for the club was posted to shareholders.
'Discussions are on-going with managerial candidates and once the offer
becomes or is declared unconditional in all respects, the club expects to
announce the appointment of a new manager.'
Eriksson is keen to return to work after a year-long absence from the game.
And Thaksin has promised him a £50million transfer kitty to dip into. That
kind of money should attract some top names.
The landscape at City could be about to change dramatically but one of their
brightest young stars has re-affirmed his commitment to the club.
England Under-21 defender Nedum Onuoha has signed a new four-year contract
after playing in the European Championships.
Onuoha, who joined City's youth set up when he was 10, is excited about the
future.
'I like to think I have been improving game-on-game and season-on-season,'
he told the club's website:
'When I compare myself to two years ago, I think there is a massive
difference in my performances.
'It doesn't seem that long since I first signed a deal at the academy but
I've spent half of my life with this club now.'
Chief executive Alistair Mackintosh is delighted Onuoha has extended his
career with City until 2011.
He said: 'We opened talks with Nedum a couple of months ago and had to wait
until the under-21 tournament was over before the deal could be concluded.
'Nedum's contract extension re-affirms Manchester City's commitment to having
a first team squad with the very best young, home-grown, talent and securing
their long-term futures at the club.'
City return to training on July 4 and Onuoha hopes to have shrugged off a
groin strain by then.
He said: 'As I get older I'm realising that I've got to listen to what my
body's telling me.
'In the past, when something's not felt right I've carried on playing and
that's made things worse.
'Now, if something's not right then I'm not going to take a chance. This is
only a two-week injury but in the past that could have turned into two months
because I had carried on.'
