Monday, May 21, 2007

Thaksin firming on Manchester City takeover offer

Thaksin Shinawatra will make a formal bid for Manchester City in the next few days' as the exiled former Thailand Prime Minister seeks to become the eighth foreign - and first Asian - owner of an English Premier League club. Thaksin and former City player Ray Ranson are vying for control of the northern England team that last won a trophy 31 years ago. Ranson submitted a revised takeover proposal in April after City's board dismissed his initial plan.

Investors are tapping into the worldwide appeal of the richest soccer league, which is set to share record broadcasting revenue of US5.3 billion over the next three years. Thaksin will bid 100 million pounds, Thailand's Nation newspaper reported however, Noppadol Pattama, his lawyer, declined to discuss terms. "The formal bid will be made in the next few days and we hope to get a decision by the end of the month," he told Grant Clark of Bloomberg from London.

Thaksin ,has been based in London since a Thai military coup overthrew him on 19 September but he will still seek Thailand central bank approval to withdraw the money to purchase City, the Nation reported. Noppadol said Thaksin will be able to access his accounts in Thailand. "There's no problems with the funds,'' Noppadol added. "We'll be able to comply with Thai and English law.''

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