Thaksin lodges bid for Man City
21/06/2007 |
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Former Thai Prime Minister Thaksin Shinawatra has lodged a £81.6m formal takeover bid for Manchester City.
The City board said it intended to back the bid from UK Sports Investments, a vehicle indirectly controlled by Thaksin and his son and daughter.
But Thaksin will have to pass the Premier League's fit and proper person test before being able to complete the proposed takeover.
Thai prosecutors have recently filed corruption charges against Thaksin.
Thaksin's wife has also named in the case, which involves allegations of wrongdoing in a land deal.
The takeover offer includes debt, according to a joint statement from Manchester City and UK Sports Investments.
Thaksin's son and daughter, Panthongtae and Pintongta Shinawatra, are also the major players in UK Sports Investments.
'Excellent work'
The offer is 40p in cash for each Manchester City share, valuing the existing issued share capital of Manchester City at approximately £21.6m, together with net debt of approximately £60m.
"I am delighted that the Board of Manchester City has recommended my bid for the club and I look forward to continuing the excellent work of John Wardle and his team," said Thaksin.
"We share a determination to take the club back to its rightful place at the highest level of competition in both the FA Premier League and European football."
John Wardle, chairman of Manchester City, added: "Following our significant progress over the last few years, this offer provides an exciting opportunity to take Manchester City to the next stage of our development and deliver the on-field success we have all been striving for."
Mr Wardle said he had been asked to remain on the board of the club, together with chief executive Alistair Mackintosh.
On the playing field, former England coach Sven-Goran Eriksson is believed to be favourite for the role to succeed Stuart Pearce as manager.
(Source: BBC.co.uk)
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