Barclays Premier League

Throughout the past few days, a wave of optimism has swept through the blue half of Manchester.

The long-suffering City faithful are now hopeful of a promising Premiership campaign. And, some are even dreaming of silverware. City’s 2-0 win over West Ham, coupled with Wednesday night’s 1-0 home defeat of Derby County has fuelled the fans with excitement.

Not since Georgian wizard Georgi Kinkladze entertained their socks off, have the City faithful been so excited.

The past two seasons have been disappointing to say the least for City fans. The club finished 15th in the 2005/06 campaign, flirting with relegation that year.

The following season was no better, as City struggled upfront. Ex-Blues gaffer Stuart Pearce and his charges created a new Premiership record for scoring the fewest goals at home in a season. It was dire stuff.

After two seasons of woe, City have undergone a Cinderella-like transformation. With the financial backing of deposed Thailand prime minister Thaksin Shinawatra, the club can no longer be viewed as poor relations to Manchester United.

Shinawatra wasted little time in appointing former England boss Sven-Goran Eriksson to replace Pearce. The Thai also bankrolled Eriksson’s summer spending spree. Elano, Rolando Bianchi and Geovanni have all made immediate impacts.

City supporters were initially, and quite rightly, concerned about the club being owned by Shinawatra. When the club was sold to him for some £81.6m ($US160 million) in early July, many of the fans feared that the ousted politician would have a negative impact on their beloved club.

There was talk of financial irregularities and corruption, following the early season successes however, the negativity surrounding Shinawatra’s ownership has been replaced by euphoria.

A fairy-tale start for City no doubt, but for how long, the more pragmatic fans will ask.

Trouble has already begun to brew at the club. On Wednesday, Thailand's supreme court approved a prosecution request to issue arrest warrants for the Manchester City owner and his wife on corruption charges. If convicted, Thaksin could face up to ten years in jail and a nominal fine. His financial assets could also be completely frozen by the Thai government.

According to insider sources, City had signed all their new players via instalments. Eriksson spent almost £40 million (US$80 million) on new players with the assumption that Thaksin will still be around to foot the bill.

But if he lands behind bars, the club will bear the dire consequences. Without Thaksin’s financial muscle, City could be saddled with debts to pay for the very same players who sparked the revolution at the club.

It’s evident that the long-term future of City is uncertain.

The uneasy promise of success that Thaksin has brought with his ownership is like a drug. It’s addictive, yet dangerous at the same time. For the moment, the City faithful are more than willing addicts themselves. They’ve entrusted the fate and fortunes of the club to Thaksin and Eriksson. And like all fairy-tales, the fans desire a happy ending.

City’s version of the Cinderella fairy-tale, though, ‘a happily ever after’ seems unlikely. In fact, it could just be a start of a nightmare.