Former Thai prime minister Thaksin Shinawatra has made a formal £81.6m bid for Manchester City and the club's board has recommended to shareholders that the offer should be accepted. It is believed that Shinawatra has provided evidence that he has the necessary funds, despite another £310m of his personal fortune being frozen yesterday.
Thaksin has already been pledged 55.9% of the club through shares owned by members of the board and former chairman Francis Lee. "I am delighted that the board of Manchester City has recommended my bid for the club," he said today. "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.
"I am in no doubt of the responsibility associated with leading Manchester City and pledge to the fans, players and staff my utmost commitment to the future success of this great club."
City chairman John Wardle will remain on the board if Thaksin takes control while Alistair Mackintosh will stay as chief executive. "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," said Wardle.
Thaksin will also have to pass a "fit and proper person test" by the Premier League, something that may be hampered by the fact that Thai prosecutors filed corruption charges against him today. He is accused of helping his wife buy government-owned land at a cheap rate four years ago. Anti-corruption investigators have now frozen around £1.3bn worth of his fortune, as well as ordering him to return to Bangkok to answer the charges against him. However, Thaksin is understood to have around the same amount in European accounts.
Thaksin made the bid through his London-based representatives UK Sports Investments. If the bid is successful, it could see the return of Sven-Goran Eriksson to English football as City's manager. Thaksin is believed to be keen to appoint Eriksson and, despite a strong denial last night from Eriksson's agent, Athole Still, there was confirmation from the Thai's officials that there had been two meetings in London over the last five days.
And a little bit more
Current City chairman John Wardle is to remain on the board under a new regime.
Announcing the takeover deal, Wardle said: "Following our significant progress over the last few years, this offer provides an exciting opportunity to take Manchester City forward to the next stage of our development and to deliver the on-field success we've all been striving for.
"I'm delighted to have been asked to remain on the board together with our chief executive Alistair McIntosh. I'm equally pleased that the management team who have worked relentlessly during my time as chairman will also remain."