English FA Premiership: Manchester City could be the latest Premiership club to take on American ownership in a possible £70 million takeover that will continue the trend of overseas investors moving into English football.

The club confirmed in a statement to the Stock Exchange yesterday that they were negotiating with "external parties" and there are now four different groups of investors competing against each other, one being directed from the United States.

The figurehead has not been revealed but the American consortium is being viewed as one of potentially two serious bidders. John Wardle, City's chairman, has already indicated he would be willing to step down and, with Malcolm Glazer's family in power at Manchester United, George Gillett and Tom Hicks taking control of Liverpool and Randy Lerner at Aston Villa, there is a strong chance City will be the fourth major club to be sold to Americans in two years.

City have overcome their worst financial problems but they remain heavily in debt and a takeover is seen as the only possible way they will be able to raise the financial clout to break into the Premiership's elite.