Club chairman John Wardle wanted to see the "colour of Thaksin's money within a fortnight or he may be forced to scrap his plans to sell". He planned to go ahead and appoint a new manager as ousted premier continued to drag his feet over purchasing the club.

Wardle may appoint Graeme Souness as team manager amid fears Thaksin's takeover bid has hit a wall. The Mirror said the former Thai PM's accountants had been looking at City's books for weeks. But no formal bid has been made - nor is one expected this week.

Alarm signals are sounding as Thaksin's takeover bid begins to resemble his doomed plan to buy Liverpool Football Club a few years ago. City officials fear that with the new season kicking off in just over two months the club has become a rudderless ship.

The club has no manager following the recent sacking of Stuart Pearce, and while other clubs are doing their summer shopping for new players, City has been stuck in a void. Wardle was now preparing to remain in control with former Liverpool, Blackburn and Newcastle coach Souness on standby to take over as manager.