City press on despite Ranieri blow

Manchester City's long-running takeover saga may have cost them the chance to secure a new manager but the club insist they are now at an "advanced" stage in negotiations over their future.

Former Chelsea boss Claudio Ranieri was hoping to take charge at City after quitting Parma last week but he was waiting for former Thai Prime Minister Thaksin Shinawatra to complete a buy-out at Eastlands. With the takeover dragging on, Ranieri has accepted an offer from Juventus to coach the fallen Italian giants on their return to Serie A next season.

Ranieri told Sky Sports News: "I know it is a big problem for me, to choose, but Juventus are one of the best teams in the world. It was difficult to say no to the big project at Manchester City - but the team have not taken over yet and for me I cannot wait for one week more."

Shinawatra's advisors had made no secret of the fact Ranieri was the man they had identified as as Stuart Pearce's successor as manager.

Ranieri met Shinawatra in London last Wednesday, giving a firm indication he wanted the job, which would have come with an estimated £50million transfer kitty.

His about-turn leaves City searching for a new man, with former Liverpool boss Gerard Houllier the current bookies' favourite.

Nevertheless, the Blues were set to confirm when the Stock Exchange opened on Tuesday morning that talks had moved from 'preliminary' to 'advanced', indicating that Shinawatra is not letting the setback affect his plans.

"The board of Manchester City confirms that it is now in advanced discussions with interested parties that may or may not lead to an offer being made for the Company," a statement read.

"A further announcement will be made in due course as appropriate."

The wording of the statement is interesting in that it suggests there are other parties interested in buying the club other than Shinawatra.