Possible Man City investments

Manchester City have reported “promising developments” in their bid to attract new investment to the club.

Russian billionaire Vladimir Potanin has been linked with a £35m (€53.2m) takeover of the club.

City spokesman Paul Tyrell told the News of the World: “We have not received any official approach from interested parties but there are some promising developments.

“The board has made it clear that new and appropriate investment in the club would be welcome.”

City revealed debts of £50m (€76m) last October and are currently in a scrap to avoid relegation from the Barclaycard Premiership.

Potanin, a 42-year-old with business interests in precious metals, telecommunications and shipping, served briefly as Russia’s deputy Prime Minister and is reportedly worth £1.6bn (€2.4bn).

Another Russian billionaire, Roman Abramovich, changed the face of the Premiership last summer when he bought Chelsea and funded a spending spree the likes of which had never been seen in the UK.