The chairman David Bernstein has secured the backing of the US investment bank Bear Stearns with a deal which in time could total £44m. The bank has initially brokered a £30m bond, based on City’s loyal fan base. “The deal is secured on the future sales of season and match day tickets. The loyalty of our supporters was a key factor,” Bernstein said.

“When we presented the proposal, the fact that we had 28,000 fans in the Second Division was crucial.”

It is understood City were able to secure this funding up until 2027.

Rickitt Mitchell advised Manchester City.