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Manchester City: Thaksin Shinawatra offers to buy the club

Thaksin Shinawatra, the former Thailand PM who was today charged with corruption, agreed to buy English football team Manchester-City for 81.6 million pounds.

Manchester City: Thaksin Shinawatra offers to buy the club Thaksin currently lives in London, England, after being ousted in a Thai military coup in September of last year. According to reports, Shinawatra offered 40p per share for Manchester City, and agreed to assume the club's debt of  over 60 million pounds. The directors of the English football club urged shareholders to accept the offer. Shares of Manchester City have climbed 18% this year to 39.5 pence.

 A controversial deal, as seen by many, after Thai prosecutors today filed charges against Thaksin Shinawatra and his wife over the acquisition of land from Thailand's central bank. Thaksin claims he will return home to fight the charges. A junta-installed committee has also frozen about $1.8 billion of assets belonging to Thaksin and his family.

 All these legal troubles do not quite fit with the "fit and proper person'" test introduced by the English football to improve corporate governance. Convicted criminals are among those forbidden from becoming a club directors.

 Manchester City, finishing 14th in the Premiership this year, ousted manager Stuart Pearce after the season ended. But according to rumours in the British press, Sven-Goran Eriksson has agreed to take charge of Manchester City, if Thaksin succeeded in buying the club.

Seven of the 20 Premiership clubs are already owned by foreign investors.

Published on 06/21/2007

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