Thaksin Completes Man City Buyout

[george]

Thaksin completes Man City buyout

MANCHESTER: -- Former Thai Prime Minister Thaksin Shinawatra seal his takeover of Manchester City, gaining control of 75% of its shares, the BBC has learnt.

Thaksin lodged an GBP 81.6m takeover bid for City in June through his company UK Sports Investments and has steadily built up his shareholding.

He will officially install Sven-Goran Eriksson as club manager on Friday, BBC Sport understands.

The Eastlands board has backed the bid but there have been concerns about the source of the money, with Mr Thaksin facing corruption charges in Thailand.

But the man who brokered the City deal has said "the money is clean". Earlier on Sunday, Keith Harris, executive chairman of Seymour Pierce Investment Bank, said the money had been "legitimately and transparently transferred to the UK."

Thaksin will have to pass the Premier League's standard "fit and proper person" test before being able to complete the proposed takeover.

Thai prosecutors recently filed corruption charges against Mr Thaksin. They have also frozen his assets.

Leading shareholders including current board members, former chairman Francis Lee and BSkyB have all agreed to sell their shares to Thaksin.

--The Nation 2007-07-06

[maipleur]

"Thaksin will have to pass the Premier League's standard "fit and proper person" test before being able to complete the proposed takeover."

I wonder if he has an elite card?

[lazeeboy]

"Thaksin will have to pass the Premier League's standard "fit and proper person" test before being able to complete the proposed takeover."

I wonder if he has an elite card?

i think a bad day in manchester citys history

[Cyberstar]

Better Manchester City than Thailand ... Would he have put down the dough, if he were working on some sneaky counter coup schemes?

[toasted]

This should prop up viewing figures for the premier league in Thailand. And just when the TV rights are being transferred. Surely it's just a coincidence. (Cue sarcasm emoticon)

[KireB]

What a joke! What's next? Pinochet buying Liverpool?

[stoneman]

I do not think this looks good for the Thai govt...The can not even figure out where the money came from...

[astral]

Does this mean that the Thai government may end up owning Man City at some stage in the future?

[Heng]

Looks like more than a few of the anti-Thaksin crowd were wrong on this one

[TheAceFace]

I think it's a good deal on boths sides, good for City with the influx of cash and in Sven they have a good manager, he should bring talented players there. The EPL is just a rich mans playground now, but heh its entertaining.

I think the deal could also be good for the youth of Thailand and in promoting the game here at grass routes level. Thaksin did say he would open some football accademies, lets see what happens.

Will be funny to see what the new sponsor will be

[bino]

I do not think this looks good for the Thai govt...The can not even figure out where the money came from...

Right...

Keith Harris, executive chairman of Seymour Pierce Investment Bank, said the money had been "legitimately and transparently transferred to the UK."

Would be interesting to know where it did in fact "transparently" come from!

[Jersey_UK]

I think the deal could also be good for the youth of Thailand and in promoting the game here at grass routes level.

Maybe, but I am half expecting some sort of diplomatic incident next season, remember when the Thai Govt got upset about the dictionary reference to Bangkok being "a city with many prostitutes"? (or such like)...........given that for 90% of Mr farang, the no.1 thing associated with the word "Thailand" is P4P, (not Temples and Beaches)........next season I expect many of the chants to be based on questioning the sexual practices of anyone considered to be worth insulting who is associated with Thailand.........when things are going well for Man City it will be the opposition chanting, when things go badly it will be the home fans (Of course things WILL go badly - it's City!)..........I am not sure if Mr T is quite expecting to have to explain "His" fans actions and opinions back home in Thailand..........but at least Posh Spice will have some peace and quiet!

Still, as long as the cheque clears! at least he can't sell the Stadium...........to his gardner!

[TheAceFace]

I think the deal could also be good for the youth of Thailand and in promoting the game here at grass routes level.

Maybe, but I am half expecting some sort of diplomatic incident next season, remember when the Thai Govt got upset about the dictionary reference to Bangkok being "a city with many prostitutes"? (or such like)...........given that for 90% of Mr farang, the no.1 thing associated with the word "Thailand" is P4P, (not Temples and Beaches)........next season I expect many of the chants to be based on questioning the sexual practices of anyone considered to be worth insulting who is associated with Thailand.........when things are going well for Man City it will be the opposition chanting, when things go badly it will be the home fans (Of course things WILL go badly - it's City!)..........I am not sure if Mr T is quite expecting to have to explain "His" fans actions and opinions back home in Thailand..........but at least Posh Spice will have some peace and quiet!

Still, as long as the cheque clears! at least he can't sell the Stadium...........to his gardner!

You have lost me there

I was saying it may (hopefully) be good for the youth of Thailand.

Whats posh spice got to do with anything

Are you mixing your red up with the blue

[kiakaha]

"Thaksin will have to pass the Premier League's standard "fit and proper person" test before being able to complete the proposed takeover."

I wonder if he has an elite card?

Yes, its called the American Express Centurion, probably nestled next to his NetJets Marquis Jet Card

[Tony Clifton]

I do not think this looks good for the Thai govt...The can not even figure out where the money came from...

On the other hand, can and will Thaksin open his books and prove how all that money found it's way abroad?

[Martin]

This could trigger off some interest in what is meant by "fit and proper person" in various walks of life!!!

For Mansitty players, it presumably means being in superb physical shape and playing clean football.

For the Mansitty manager, it presumably means.......???.......

For the Mansitty owner, it..........???????..............

I am a long-standing follower of City's results, although I only saw them play once.

I was 10 years old. League football had just restarted after the War and Frank Swift's great big hands were once more keeping the ball out of the net (rather than, from his Police Constable uniform, directing traffic on busy junctions where Jerry's bombs had kaputted the traffic lights).

My dad took me. I guess it was to see if it might be my 'thing'; as it certainly wasn't his.

On the way home (after a dull 90 minutes producing another goalless draw with Everton), Dad bought the evening paper. It told us that the gate had been 80,000 and he said: "There you are, Martin. If you hadn't been there it would only have been 79,999."

So my only contributions to Mansitty have been once to get the gate up to a round figure, and now not to put an 'h' in Mansitty in this posting.

[oblivious]

This could trigger off some interest in what is meant by "fit and proper person" in various walks of life!!!

For Mansitty players, it presumably means being in superb physical shape and playing clean football.

For the Mansitty manager, it presumably means.......???.......

For the Mansitty owner, it..........???????..............

I am a long-standing follower of City's results, although I only saw them play once.

I was 10 years old. League football had just restarted after the War and Frank Swift's great big hands were once more keeping the ball out of the net (rather than, from his Police Constable uniform, directing traffic on busy junctions where Jerry's bombs had kaputted the traffic lights).

My dad took me. I guess it was to see if it might be my 'thing'; as it certainly wasn't his.

On the way home (after a dull 90 minutes producing another goalless draw with Everton), Dad bought the evening paper. It told us that the gate had been 80,000 and he said: "There you are, Martin. If you hadn't been there it would only have been 79,999."

So my only contributions to Mansitty have been once to get the gate up to a round figure, and now not to put an 'h' in Mansitty in this posting.

I'm sure all the real Sitty fans will be gutted at the prospect of losing your support tat.

Oops. Think I might have left a letter out too...

[oblivious]

I do not think this looks good for the Thai govt...The can not even figure out where the money came from...

On the other hand, can and will Thaksin open his books and prove how all that money found it's way abroad?

These quotes are from a highly respected firm and the firm have already said that the money was transferred with the knowledge of the Bank of Thailand. If the Bank of Thailand and the AEC cannot communicate effectively with each other then that is unfortunate but hardly surprising. Whatever, that is not the problem of the British authorities, the City of London or Manchester City Football Club.

As Thaksin was worth $2bn in 1994, there cannot possibly be a case for confiscating all his assets. The fact that they seem to be attempting to do so are only serving to convince the international community that there is a politically motivated campaign by an unelected dictatorship against a deposed democratically elected PM. Thailand is looking very, very dodgy to the outside world right now and it is no wonder inward investment is now flooding back out. The consequences of the policies and events of the last year on the Thai economy don't bear thinking about.

[meemiathai]

Looks like more than a few of the anti-Thaksin crowd were wrong on this one

Have they ever been right?

[meemiathai]

What a joke! What's next? Pinochet buying Liverpool?

What is the problem?

[meemiathai]

Do "clean football" exist nowadays? Maybe they do, in primary schools! It is all about money! Sports is dying!

[Abrak]

Will be funny to see what the new sponsor will be

Yes... Thais reckon existing sponsor 'Thomas Cook' is unlucky afterall 'cook' in Thai means 'prison'!!

Incidentally when I met Thaksin in 1998, he claimed to have US$1bn of assets overseas, so I think that finding a couple of US$100m to finance City should hardly have been a problem...

[funfun]

Will be funny to see what the new sponsor will be

not sure on this but i thinks maybe a airline sponser maybe air asia thai air malay etc, and im sure branson was on about comming here this year direct flights to bkk from manchester, cos nothing direct flight north of england!

whatever one things for sure mr t has got the deal done already, cos he aint thick, he might make mistakes (and big ones) but a clever man indeed!

[chuchok]

I do not think this looks good for the Thai govt...The can not even figure out where the money came from...

On the other hand, can and will Thaksin open his books and prove how all that money found it's way abroad?

These quotes are from a highly respected firm and the firm have already said that the money was transferred with the knowledge of the Bank of Thailand. If the Bank of Thailand and the AEC cannot communicate effectively with each other then that is unfortunate but hardly surprising. Whatever, that is not the problem of the British authorities, the City of London or Manchester City Football Club.

As Thaksin was worth $2bn in 1994, there cannot possibly be a case for confiscating all his assets. The fact that they seem to be attempting to do so are only serving to convince the international community that there is a politically motivated campaign by an unelected dictatorship against a deposed democratically elected PM. Thailand is looking very, very dodgy to the outside world right now and it is no wonder inward investment is now flooding back out. The consequences of the policies and events of the last year on the Thai economy don't bear thinking about.

That's the part that some people here find hard to understand.

[chownah]

As Thaksin was worth $2bn in 1994, there cannot possibly be a case for confiscating all his assets. The fact that they seem to be attempting to do so are only serving to convince the international community that there is a politically motivated campaign by an unelected dictatorship against a deposed democratically elected PM. Thailand is looking very, very dodgy to the outside world right now

Frankly it has looked very very dodgy to Thai people all along.

[Plus]

I remember his total family wealth was estimated at 25 bil in the late nineties when he entered politics. He was the richest Thai then.

He most certainly stashed a lot overseas by that time, and after the crisis it grew in dollar terms, but I don't think it's reasonable to expect that his secret stash was anywhere near that "official" number. Shin Corp was the only business he had and it was one of the biggest companies in Thailand. What do you think is a reasonable estimate? 10% in secret, 25%, 50%? Whatever the extimate is - 8 billion baht is not a small change.

It does look so when compared to 72 billion from Shin sale but this money was transferred out of Thailand long ago, at least more than three years ago, most likely even before he became the PM. And by those days standards 8 bil is a lot. Even if it doubled due to interest rates or if it was invested in stocks, it's still a lot.

Looking from another angle - out of that 8 billion only a quarter went on buying the club itslef, the rest is for paying off shareholders debts and promise to buy new players. He agreed to these terms long before his accounts were frozen and even then he could scramble only half the cash needed and financed the rest. How does that feel now, when he effectively lost ten times more than he borrowed?

[sbk]

What a joke! What's next? Pinochet buying Liverpool?

What is the problem?

Pinochet is dead so it might be kind of difficult. But since the Premier league's standards seem so high, they might accept a deal from a dead man too

[jayjayjayjay]

Looks like more than a few of the anti-Thaksin crowd were wrong on this one

Enough hot air has been blown off in Thaivisa commentary over this issue to raise concern global warming is a result of Thaksin's takeover of Man City....... Ahh let's blame global warming on Thaksin....

[jayjayjayjay]

Will be funny to see what the new sponsor will be

Yes... Thais reckon existing sponsor 'Thomas Cook' is unlucky afterall 'cook' in Thai means 'prison'!!

Incidentally when I met Thaksin in 1998, he claimed to have US$1bn of assets overseas, so I think that finding a couple of US$100m to finance City should hardly have been a problem...

Off topic:

Careful there TheAceFace, the military Junta will have you in front of the ASC quiker than grease lightn' for claimin' this,,,,,,,,,,,

[Plus]

It's really their own business, their reputation. Usually they would need to keep it clean to attract more investment, but maybe rules like transparency and good governance apply only to developing nations asking for aid. In the UK apparently everything goes.

They will eventually realise that the rules are there for a reason (if they don't close their doors to foreign tycoons on the run from the law).

Man City would be the first to see how Thaksin promises really work. He set a three year deadline for himself.