Thaksin bid for Manchester City moves forward

English Manchester City will support a GBP 81.6 million bid from former Thai Prime Minister Thaksin Shimawatra, and give the recommendation to sell to Thaksin's family-controlled UK Sports Investments.

Despite myriad worries of late about Thaksin's political and financial situation, the deal looks like it will go forward.

Thaksin, who was toppled in a bloodless coup in September, had his assets of USD 1.5 billion frozen by the current Thai government when it came to light that he was interested in purchasing Manchester City. He also faced corruption charges for an old land deal in his former nation, and was accused of hiding assets in family accounts.

The deal's approval followed a formal charge of "official misconduct" over the land deal he initiated with his wife. Judges are expected to make a decision to proceed with charges by 10 July.

Despite the charges, the Thai government does not appear to be angry that the deal is on the verge of being done.

"Thaksin has a lot of money. Whatever investment he has made, that's his business," said army-appointed Prime Minister Surayud Chulanont.

Thaksin is trying for 75 percent of the club, and called himself "fit and proper" in regards to controlling Manchester City, a message to the Premier League that it should have no trouble ratifying his takeover.

Thaksin's money could elevate Manchester City to the league's elite, something he promised in a statement about the takeover. He also said funding won't be an issue, despite the asset freeze.

"I talk to my financial advisers and they are quite confident that we'll get the 75 percent soon," Thaksin said. "I think the funds have been allocated long before this. It has been prepared and been working for several months already. All the money has been getting the approval from the authorities of Thailand to bring it for this investment.

"I think the freeze will be temporary. They actually have no legal right to do this because it is my money. How can I corrupt my own money? That's money my family has been working hard for over 20 years. The money has come from the sale of the companies."

Thaksin's spokesman Noppadon Pattama said the money he is using to buy the club is not tainted.

"One certain thing is that from a public relations point of view, having a football club is probably better than having an election rally," said Bangkok-based business consultant Christopher Bruton said.

Alan Galley, chairman of the Manchester City Supporters Club, welcomed Thaksin's bid, saying that the club has "been drifting."

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.