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Man City's long-term future is back in the melting pot with controversial owner Thaksin Shinawatra targeting the Middle East for new funds.

But the big fear amongst fans, who had thought last year's £80m purchase of the club would at last bring stability and huge investment in players, is that the club is effectively up for grabs.

In an official statement the Blues stressed the club is not for sale but did admit that the former Thai prime minister has had `exploratory' discussions with would be investors.

"It is not true to say Thaksin Shinawatra is selling Manchester City," said a club spokesman.

"He spoke with Garry Cook this morning and those were the sentiments he echoed in very strong terms."

Manchester Evening News online reported at least three groups - believed to be based in the Middle East and India - have been approached by an intermediary with a brief to find the money to catapult City into the Premier League top four.

However, financial analysts say big money investors are likely to want full control and could launch a full-blown buy-out bid - and that would leave Thaksin, 59 with a major dilemma as he's facing corruption charges in his homeland and still has £800m of his fortune frozen.

The ex-Thai Prime Minister's admission that he alone cannot splash out to fulfil his ambition to break into the Premier League's top four raises a huge question mark about his confidence that his his frozen assets will be released, the online said.

Sources close to Thaksin said he was disappointed at not landing Ronaldinho, who chose AC Milan even though City were said to have offered him a bigger wage.

Thaksin's decision to axe popular Sven-Goran Eriksson, who had achieved what was expected of him by finishing in the top 10 in his first season, angered many supporters.

The board running the club has changed substantially during the summer with chief executive Alistair Mackintosh and deputy chairman John Wardle leaving and marketing expert Garry Cook hired as executive chairman.

A club source said last night: "Nothing surprises me anymore.

"The issue is frozen money and whether any of it can be used on team rebuilding. Not many of the deals that have happened over the last 12 months involve British players because those fees have to be paid within a year."