Aston Villa chairman Doug Ellis is recovering from heart surgery

In a stock market statement he said he was "working on a proposal that may or may not lead to an approach being made to the board of Aston Villa".

However, he added that "this is at a very early stage and an approach may not prove to be possible".

The statement was issued following press speculation about a possible bid.

Shares soar

The future of Aston Villa has been uncertain since long-time chairman Doug Ellis was taken to hospital for heart surgery at the beginning of June.

The club is currently operating without a chief executive after the resignation of Bruce Langham in May.

Mr Ranson said that if an offer for the Birmingham-based club did come to fruition it would be made by himself and other unnamed investors.

On Tuesday, shares in Aston Villa closed up 6 pence at 393.5p after having closed at a five-year high of 387.5p on Monday.

Insurance beginnings

On retiring from football after playing 235 games for Manchester City, Mr Ranson moved into the business world - starting in the insurance sector.

He later sold his business and joined the London money firm of Benfield Greig, using his insurance expertise in football finance.

His Guernsey-based company Registered European Football Finance (REFF) was most recently in the news for developing "sale and lease back" arrangements in football transfers.

Under the system, cash was advanced to clubs - most notably Leeds United - to buy players. In return, financial institutions could take control of the players' contracts if the "hire-purchase" payments were not kept up by the club.