MANCHESTER CITY could be next, then Newcastle. Tottenham, Everton, Reading and even Arsenal may also follow Liverpool into the hands of overseas investors.

That’s the view of Harry Philp, an expert in football takeovers. “There’s never been a better time to buy a club in England,” he says. “There are two leagues which count worldwide and they are the Premiership and the Champions League. The revenues in English football are like they’ve never been before.”

Philp’s company, Hermes Sports Partners, is a “sports corporate finance boutique” involved in the analysis and networking behind several foreign buyouts of English clubs. The Premiership’s new domestic television deal, worth £1.7 billion between 2007 and 2010, is the main reason for Philp’s optimism. “It is a 70% uplift on the current agreement and the overseas deal could go north of £0.5 billion,” he says. “It’s timing. We’re at the highest point of the cycle — Premiership clubs have got this season’s TV money and know what they’ll be getting for three years after that.”

Burgeoning matchday receipts, increased shirt sponsorships and the birth of stadium naming rights deals are also making English clubs attractive. “In Germany you can’t own more than 50% of a club. In Spain the clubs you’d want, Real Madrid and Barcelona, are owned by socios (members). In Italy, because clubs do individual television deals, revenues drop off the cliff unless you own Juventus, Milan or Internazionale — and they’re not for sale.”

Manchester City hope to have new backers by 2007. John Wardle, City’s chairman, said last week that “we are currently in talks with an investor”, adding: “During the past year we have identified a series of leads in relation to possible investment in the club.” That is significant because it is understood that while City are in talks with a frontrunner, another significant investor is in the race. The identities and nationalities of the suitors are being kept confidential, with talks at a delicate stage. “We’re 10 minutes into a 90-minute game,” said a City source.

Some people are surprised that there is interest in City, given their mediocre onfield performances and that the club does not own its stadium and carries debt. Yet, grossing £46m from TV and commercial sources last year and £15.7m from gates, City are among the world’s top 20 clubs in turnover and Wardle has worked to reduce borrowing. The club rents the Eastlands stadium from the local council, but it is hardly sweating, with 247 years remaining on the lease.

Belgravia, a mysterious consortium of Jersey-based investors, is looking at buying Newcastle, and Everton are up for grabs. Robert Earl, the American behind Planet Hollywood, bought 23% of the club for £10m in October, and could assume total control for a moderate sum. John Madejski, Reading’s chairman, is looking for backers and Tottenham are known to be “for sale”. It would cost up to £200m to purchase Spurs and there’s the headache of White Hart Lane, which offers little room for expansion. The corporate and sponsorship markets in North London offer lucrative revenues, however, as Arsenal demonstrate.

If Sheikh Mohammed buys Liverpool, only the Gunners, of the Big Four, would remain for a magnate to buy. “Keith Edelman (Arsenal’s managing director) has done a tremendous job with the new stadium and Arsenal have refinanced themselves such that the board does not have to sell, but everybody has their price,” Philp says.

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