Sports / Soccer |
Manchester City recommends shareholders accept Thaksin offer(Reuters)Updated: 2007-06-21 20:23 LONDON _ Thaksin Shinawatra cleared the final hurdle in his bid to take over Manchester City. The former Thai Prime Minister, who is set to become the latest foreign owner of an English soccer club, offered 81.6 million pounds (euro121 million; US$162 million) for City, and the Premier League club's board recommended Thursday that its shareholders to accept the bid. The development at Manchester City came after Thai prosecutors announced they had filed corruption charges against Thaksin in his homeland. But the military council that overthrew Thaksin, now living in exile in England, said they would not oppose his takeover of Manchester City. Other foreign owners in the Premier league include Russia's Roman Abramovich of Chelsea and Alexandre Gaydamak of Portsmouth; American businessmen Malcolm Glazer of Manchester United, George Gillett Jr. and Tom Hicks of Liverpool and Randy Lerner of Aston Villa; Iceland's Eggert Magnusson of West Ham; and Egypt's Mohamed al Fayed of Fulham. Blackburn and Birmingham City are also reportedly negotiating with potential foreign owners. In a a statement issued Thursday through the Plus Markets stock exchange, City announced Thaksin's proposal and its recommendation to shareholders. "I am delighted that the board of Manchester City has recommended my bid for the club," Thaksin said in a statement. "I look forward to continuing the excellent work of (chairman) John Wardle and his team. "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." Thaksin is widely expected to appoint former England coach Sven-Goran Eriksson as the team's manager. City fired manager Stuart Pearce at the end of last season, and the next season starts August 11. Eriksson has been out of a job since he quit as England coach after the 2006 World Cup. Although he has had success as a club manager with IFK Goteborg, Benfica, Sampdoria and Lazio, he failed to get England into the semifinals at two World Cups and a European Championship. Last season, City finished in 14th place in the Premier League, only four points clear of the relegation zone. "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," Thaksin said. Thaksin's investment vehicle, UK Sports Investments, offered 40 pence (euro0.59; US$0.80) for each outstanding share, valuing the capital at 21.6 million pounds (euro32 million; US$43 million). The new owners also would take on 60 million pounds (euro89 million; US$119 million) of the club's debts. The Thaksin group also promised "to commit further significant sums to fund the current and continuing working capital requirements of the club." Thai prosecutors filed corruption charges against Thaksin in the Supreme Court on Thursday, in the first criminal charges ever filed against a former premier in Thailand. Thaksin was named along with his wife Pojamarn in a case involving allegations of wrongdoing in a land deal. "What happens if he gets locked up?" Manchester City Supporters' Club chairman Alan Galley said. "Whether he is the right man I don't know, but surely they (the club) have not gone into it without a lot of background checking first." Manchester City has long been in the shadow of local rival Manchester United, which just won its ninth Premier League title. Thaksin says he wants to put City up with United and other English powerhouses Arsenal, Liverpool and Chelsea. City has not won a major trophy since the 1976 League Cup. Its last league championship came in 1968 in the days of England stars Colin Bell, Francis Lee and Mike Summerbee. Despite his caution, Galley said Thaksin and the financial boost he could give the club may be the "light at the end of the tunnel" as the team seeks to repeat its former triumphs. |
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