Manchester City are partnering with Oak View Group (OVG) to explore the possibility of building a 20,000-seater music and events venue close to the club's Etihad Stadium, reports, www.sportspromedia.com/.

City Football Group, the Premier League giants' ownership group, and the US arena operator will now conduct a feasibility study into the project, which OVG has stressed would be entirely privately-financed and would not seek any public subsidy.

If the project is pushed through, the indoor venue would become part of the Etihad Campus, which as well as City's 55,000-capacity home includes their City Football Academy (CFA) training facility and club headquarters, along with large areas of land also owned by the club.

City are already one of the richest teams in world soccer, but the Financial Times (FT) says the club see a music and events venue as another way to boost revenues and support their on-pitch ambitions.

Speaking to the FT, John Sharkey, SMG's vice president of European operations, warned that a new venue would put the future of Manchester Arena at risk.

"The market won't support two 20,000-capacity venues," he said. "One is going to fail."