Ray Ranson has abandoned plans to buy Manchester City. The former Blues player was a contender to purchase the Eastlands outfit, believing he offered a better alternative than current favourite Thaksin Shinawatra.
Despite Ranson's optimism a deal could be done which would wipe away some of City's near £60million debt and supply a new manager with a substantial transfer kitty, there were serious doubts among the City hierarchy about his ability to deliver the cash.
Some senior Blues officials were openly hostile to Ranson and although talks were continuing despite Shinawatra's emergence as a likely buyer, they were only through third parties.
So, with the chances of an agreement being reached virtually non-existent, Ranson has backed out.
"Ray has been unable to reach agreement with the board in progressing discussions and therefore announces that he is withdrawing from further talks relating to a possible offer for the club," said a statement released to the Stock Exchange.
A source close to Ranson revealed the decision had been taken with 'out of great frustration and with a very heavy heart'.
In January, Ranson thought he was close to gaining an agreement with chairman John Wardle, who, together with former business partner David Makin, own almost 30 per cent of the club.
"He felt as though great progress was being made and now he can only feel an acute sense of disappointment that he will not be able to bring his football experience to bear at Manchester City," added the source.
There were many fans who felt Ranson's association with the Blues made him the ideal candidate to run the club.
However, others remember his failed attempt to seize control at Aston Villa and also the lingering negativity surrounding his involvement in Leeds' financial collapse.
While Ranson has not totally given up on one day lining up another bid, he recognises the chances are slim, particularly with Shinawatra now in such a strong position.
However, worryingly for City fans, the former Thailand Prime Minister has not been able to complete a buy-out as quickly as they hoped.
The latter stages of due diligence are proving to be somewhat time-consuming, delaying the announcement of an irrevocable offer and the appointment of Stuart Pearce's successor as manager.
Claudio Ranieri is still believed to be in pole position and the former Chelsea boss held talks with Shinawatra's advisors in London yesterday.
Ranieri has told Parma he will inform them on Friday whether he would be willing to stay on at the Serie A outfit.
It still seems likely the answer will be no but if the Italian does accept the opportunity, it would raise a massive question mark over Shinawatra's plans.
