Thaksin Looking To Buy Manchester City For 6 Billion Baht

[sriracha john]

Thaksin closes in on City as trouble mounts at home

Manchester City need Thaksin Shinawatra to be the real deal, but a lot of questions still remain about their new owner

Throughout the spate of English football takeovers in recent years no club has yet been sold to a figure with so many questions dangling over him as Thaksin Shinawatra, the former Thai prime minister and soon-to-be owner of Manchester City.

Since Thaksin signalled his interest in making a £21.6m bid to buy the club just weeks ago, the military government which overthrew him in a bloodless coup last September has accused him of five counts of abusing his power to advance his financial interests and has frozen £900m in his and his family's bank accounts.

A fortnight ago Thai government prosecutors filed criminal corruption charges against Thaksin and his wife, Potjaman, over the sale of land in Bangkok to her while he was prime minister. The couple have also been charged by the country's Department of Special Investigation with concealing their assets and ordered to return to the country, which they have so far declined to do.

Last week their son and daughter, Phantongtae and Pinthongta, both lined up to become directors at City, received a £165m tax bill which the authorities claim is outstanding from the sale of the family business, Shin Corp, in 2005.

City have pressed on regardless with selling the club to the Shinawatras, saying the charges are invalid because they are being brought by a military government. However, it is not certain that the club itself, or the money Thaksin is using to buy it, will remain out of reach of these proceedings.

The Thai finance minister, Chalongphob Sussangkarn, said recently that the authorities may investigate Thaksin's funds here, suggesting they may not have been declared as required when he was prime minister. The club and its advisors have been comforted by the fact that the Thai government is not recognised in the UK but that does not mean criminal proceedings will necessarily be deemed invalid here. The extradition treaty between the UK and Thailand remains in force and, if the Thai authorities press to have Thaksin returned, according to a Home Office spokesman, any application from Thailand will be decided "on its individual merits".

City declined to say this week why they are confident they will not be affected, but Thaksin's financial representative here, Seymour Pierce, has said that enough of his money is lodged here already and was transferred "legitimately". One source close to the deal said City had satisfied themselves Thaksin has enough money outside Thailand to complete the £21.6m purchase of the club and repay £17.5m of the loans owing to the major shareholders, John Wardle and David Makin.

Beyond that, though, he said: "We cannot guarantee what will happen in the future."

It is not clear how much money Thaksin has to spend on City. The source said there is an understanding Thaksin will need to borrow and transfer some assets if he is to deliver on the splendidly optimistic promise in his offer document, sent to City shareholders last week, that his investment will "in time enable the club to qualify for European competition on a regular basis".

Although his bank accounts have been frozen in Thailand, the offer document reveals that the takeover of City is to be financed, and the club ultimately owned, by the Pramaisuri Property Company, a Shinawatra company based in Bangkok. A holding company, owned substantially by Pramaisuri, has loaned £40.6m to the company Thaksin has formed here, UK Sports Investments Limited, to take over City.

In the offer document Thaksin acknowledges the actions against him, saying a "freezing order against bank accounts and assets in Thailand" has been brought by the government "in relation to alleged conflicts of interest, corruption and related offences".

The document asserts Thaksin's innocence. "All the allegations made by the Assets Examination Committee and other Thai prosecutory authorities are entirely refuted," it says, adding that Thaksin "will be vigorously defending all such allegations." Thaksin has also issued a statement scorning the AEC's authority, saying it aims "to tear down Thaksin's reputation and rights in Thailand at any costs and by whatsoever means" and adding that Thaksin had laid criminal charges against members of the AEC for alleged libel and abuse of power.

Dr Jason Abbot, a fellow in South East Asian Politics at London's School of Oriental and African Studies, explains that Thaksin's tenure as prime minister was "always clouded by allegations of corruption" as well as of human rights abuses in the 2003 "war on drugs" and when putting down an insurgency by Muslims in the south. Thaksin, though, denied the allegations and remained popular, winning elections, particularly because he delivered more affordable health care to Thailand's rural poor. The country's elite and middle classes were more hostile to Thaksin's methods. The £900m sale of Shin Corp to the Singaporean company Temasek was the final straw, bringing mass demonstrations to the Bangkok streets followed by the military coup, which was backed by the Thai king.

Abbot believes City have been "naive" to enter a deal with Thaksin. "They seem to have assumed this is a minor financial affair in a foreign country of little concern to the club or the club's fans and image. In fact it concerns major questions about one of the world's most dynamic developing countries."

City argue they have not been naive and have carried out all necessary legal checks that Thaksin is good for the money. The offer document reveals further reasons why City were desperately keen to find a buyer who would invest, describing a significant worsening in the club's financial position over the past year. Although no figures are included, the document notes that City's attendances fell last season, as did TV income, while players' wages rose "in order to mitigate the risk of relegation". There has also been a "slower take-up" of season tickets by disillusioned fans.

Most starkly last December City borrowed £10m, which they spent, against TV income due to be paid for the 2007-08 season. The Premier League is due to make next season's first payment, of £13.5m, to all 20 clubs on August 6. City must immediately pay £10m of that to the Standard Bank, which lent them the money last season. That £10m was taken on in addition to the £40m long-term debt City are carrying and £19.1m owed to Wardle and Makin. The pair will receive £17.5m for those loans from Thaksin if the deal goes ahead as planned.

City's financial situation, then, looks grim, with falling crowds, increasing debts and a big chunk of next season's TV money already spent. Hence the eagerness to sell the club to Shinawatra because, despite the corruption proceedings, frozen bank accounts and all the other questions, he is promising money to spirit City to a better future.

- The Guardian (UK)

[hammered]

Thaksin closes in on City as trouble mounts at home

Manchester City need Thaksin Shinawatra to be the real deal, but a lot of questions still remain about their new owner

Throughout the spate of English football takeovers in recent years no club has yet been sold to a figure with so many questions dangling over him as Thaksin Shinawatra, the former Thai prime minister and soon-to-be owner of Manchester City.

Since Thaksin signalled his interest in making a £21.6m bid to buy the club just weeks ago, the military government which overthrew him in a bloodless coup last September has accused him of five counts of abusing his power to advance his financial interests and has frozen £900m in his and his family's bank accounts.

A fortnight ago Thai government prosecutors filed criminal corruption charges against Thaksin and his wife, Potjaman, over the sale of land in Bangkok to her while he was prime minister. The couple have also been charged by the country's Department of Special Investigation with concealing their assets and ordered to return to the country, which they have so far declined to do.

Last week their son and daughter, Phantongtae and Pinthongta, both lined up to become directors at City, received a £165m tax bill which the authorities claim is outstanding from the sale of the family business, Shin Corp, in 2005.

City have pressed on regardless with selling the club to the Shinawatras, saying the charges are invalid because they are being brought by a military government. However, it is not certain that the club itself, or the money Thaksin is using to buy it, will remain out of reach of these proceedings.

The Thai finance minister, Chalongphob Sussangkarn, said recently that the authorities may investigate Thaksin's funds here, suggesting they may not have been declared as required when he was prime minister. The club and its advisors have been comforted by the fact that the Thai government is not recognised in the UK but that does not mean criminal proceedings will necessarily be deemed invalid here. The extradition treaty between the UK and Thailand remains in force and, if the Thai authorities press to have Thaksin returned, according to a Home Office spokesman, any application from Thailand will be decided "on its individual merits".

City declined to say this week why they are confident they will not be affected, but Thaksin's financial representative here, Seymour Pierce, has said that enough of his money is lodged here already and was transferred "legitimately". One source close to the deal said City had satisfied themselves Thaksin has enough money outside Thailand to complete the £21.6m purchase of the club and repay £17.5m of the loans owing to the major shareholders, John Wardle and David Makin.

Beyond that, though, he said: "We cannot guarantee what will happen in the future."

It is not clear how much money Thaksin has to spend on City. The source said there is an understanding Thaksin will need to borrow and transfer some assets if he is to deliver on the splendidly optimistic promise in his offer document, sent to City shareholders last week, that his investment will "in time enable the club to qualify for European competition on a regular basis".

Although his bank accounts have been frozen in Thailand, the offer document reveals that the takeover of City is to be financed, and the club ultimately owned, by the Pramaisuri Property Company, a Shinawatra company based in Bangkok. A holding company, owned substantially by Pramaisuri, has loaned £40.6m to the company Thaksin has formed here, UK Sports Investments Limited, to take over City.

In the offer document Thaksin acknowledges the actions against him, saying a "freezing order against bank accounts and assets in Thailand" has been brought by the government "in relation to alleged conflicts of interest, corruption and related offences".

The document asserts Thaksin's innocence. "All the allegations made by the Assets Examination Committee and other Thai prosecutory authorities are entirely refuted," it says, adding that Thaksin "will be vigorously defending all such allegations." Thaksin has also issued a statement scorning the AEC's authority, saying it aims "to tear down Thaksin's reputation and rights in Thailand at any costs and by whatsoever means" and adding that Thaksin had laid criminal charges against members of the AEC for alleged libel and abuse of power.

Dr Jason Abbot, a fellow in South East Asian Politics at London's School of Oriental and African Studies, explains that Thaksin's tenure as prime minister was "always clouded by allegations of corruption" as well as of human rights abuses in the 2003 "war on drugs" and when putting down an insurgency by Muslims in the south. Thaksin, though, denied the allegations and remained popular, winning elections, particularly because he delivered more affordable health care to Thailand's rural poor. The country's elite and middle classes were more hostile to Thaksin's methods. The £900m sale of Shin Corp to the Singaporean company Temasek was the final straw, bringing mass demonstrations to the Bangkok streets followed by the military coup, which was backed by the Thai king.

Abbot believes City have been "naive" to enter a deal with Thaksin. "They seem to have assumed this is a minor financial affair in a foreign country of little concern to the club or the club's fans and image. In fact it concerns major questions about one of the world's most dynamic developing countries."

City argue they have not been naive and have carried out all necessary legal checks that Thaksin is good for the money. The offer document reveals further reasons why City were desperately keen to find a buyer who would invest, describing a significant worsening in the club's financial position over the past year. Although no figures are included, the document notes that City's attendances fell last season, as did TV income, while players' wages rose "in order to mitigate the risk of relegation". There has also been a "slower take-up" of season tickets by disillusioned fans.

Most starkly last December City borrowed £10m, which they spent, against TV income due to be paid for the 2007-08 season. The Premier League is due to make next season's first payment, of £13.5m, to all 20 clubs on August 6. City must immediately pay £10m of that to the Standard Bank, which lent them the money last season. That £10m was taken on in addition to the £40m long-term debt City are carrying and £19.1m owed to Wardle and Makin. The pair will receive £17.5m for those loans from Thaksin if the deal goes ahead as planned.

City's financial situation, then, looks grim, with falling crowds, increasing debts and a big chunk of next season's TV money already spent. Hence the eagerness to sell the club to Shinawatra because, despite the corruption proceedings, frozen bank accounts and all the other questions, he is promising money to spirit City to a better future.

- The Guardian (UK)

It is good to see his reputation continually questioned by a press in a country where his usual threat of removal of advertising revenue and huge defamation suits does not work. It is particularly pleasing to see the hideous human rights record continue to be an issue with thebritish media.

[Plus]

This is the best description of Man City financial situation so far. No TV income this coming season and falling gate receipts. And it won't get any better unless they sign a major sponsor (AIS, anyone?).

Thaksin's cash will go on paying for the club and outstanding debts, where will the money for buying players come from?

Borrowed from UK banks? How is he going to repay? Not Thailand's problem, but they've been warned.

I think it's just a matter of time before Thailand comes after Pramaisuri Property and freeze its accounts. It won't change a thing about money already trasferred out and paid to shareholders, but what about the future? Who will pick up UKSI's debts? Pramaisuri is its major shareholder.

[sriracha john]

Shame Thakky couldn't have been more supportive of Thailand's own team...

Zico: Let’s play on

BANGKOK: Striker Kiatisuk “Zico” Senamuang believes the good times can roll again for Thailand during the Asian Cup, three years after his bust-up with then Prime Minister Thaksin Shinawatra.

Kiatisuk, the country's most successful player with more than 100 caps for the national team and over 60 goals, captained the side who slumped to a 4-1 home defeat by North Korea in a June 2004 World Cup qualifier.

Thaksin, now living in exile in Britain and close to taking full control of Manchester City, made a rare appearance at the game and afterwards criticised the Thai team for “lacking heart”.

Kiatisuk fired back by asking publicly what the premier knew about football and there was no surprise when the striker's name was missing from the squad for the 2004 Asian Cup in China.

“That was a heavy story but it is past already,” the 33-year-old Kiatisuk, who pulled on the Thai jersey again during the Asean Football Championship in January, told AFP.

New gear: Thai players wear their new uniforms as they pose for a photo session in Bangkok yesterday. Nike announced a five-year partnership with the Thai Football Association which begin at the start of the AFC Asian Cup 2007.

AFP

“We did not want to lose that match, we played to win. We even cried in the changing room afterwards. The players needed a lift, but then we heard what had been said (by Thaksin).”

Kiatisuk said that rather than thinking back to that loss he hoped Thailand could re-create the spirit of 1998 when the team energised the nation with a 2-1 extra time victory over South Korea in the quarter-final of the Asian Games in Bangkok.

“I will never forget that game and that Asian Games,” said Kiatisuk, who scored the opener against the heavily favoured Koreans before Thailand were reduced to nine men.

Kiatisuk Senamuang

AFP

“I hope we can have the same atmosphere at the Asian Cup as we had during the Asian Games in 1998. Once again, we are the hosts and the matches are being played at Rajamangala Stadium.

“I can remember that the fans got to the stadium early and slept outside so as to get tickets. I hope that can happen again this time.”

Kiatisuk, a hugely popular and influential figure in Thai football, said that there should be no fear factor about playing against an Australian side brimful of English Premiership stars or the higher ranked Iraq and Oman.

“There is one message I will give to the other players and that is not to be afraid of the opposition,” he said.

“If we are afraid before the game it is 100% certain that we will lose,” added Kiatisuk, reportedly the highest paid player in South-East Asian football before his departure from Vietnam's Hoang Anh Gia Lai at the end of last season.

Kiatisuk was the first Thai to play full-time in England with Huddersfield Town but he doubts whether Thaksin's purchase of Manchester City will lead to any of his international team-mates pulling on the sky blue colours.

“There is still a big gap in standard and it is not easy for players from South-East Asia to make it in England,” he said.

“It is difficult to adjust to the weather, the food and the training. I tried for 18 months but I just could not adjust.

“Thaksin is a businessman and he has bought Manchester City as an investment. I do not see any Thai players going there at the moment but maybe, in the future, there is a chance for some youngsters.”

Kiatisuk is expected to lead the line when Thailand take on Iraq in the opening game of the Asian Cup on July 7.

– AFP

[sriracha john]

City till they kill it

Mike Barnett, a lifelong Manchester City fan won’t be back after the club’s shoddy sale

Football fans support their team through thick and thin. It normally takes something registering eight and above on the Richter Scale for that bond to be broken. This is what happened at Old Trafford in summer 2005 when American billionaire Malcolm Glazer bought Manchester United.

A group of lifelong Reds had successfully helped prevent Rupert Murdoch buy United in 1998, but on this occasion were powerless, and broke away to form their own club, FC United.

Today, FC United ground-share at League Two club Bury, and are thriving. In four or five years’ time, if their present progress continues, they could reach the Football League, with talk of them sharing Salford RLFC’s new 20,000-seater stadium in Barton, near Eccles, scheduled to open in 2009.

Manchester City are, like United before them, about to become a private company, the latest Premiership club to come under foreign ownership. But could City fans disaffected by the takeover of the club by former Thailand Prime Minister Thaksin Shinawatra be about to follow suit and go it alone? It seems unlikely.

Despite twice being democratically elected, Thaksin was deposed by the military in September 2006 in a bloodless coup. It caused barely a murmur in the outside world, and Thailand did not suffer political, economic, or cultural sanctions. Thaksin, now in self-imposed exile in London, is under investigation for electoral fraud, corruption, and was accused by Amnesty International of overseeing human rights abuses on a grand scale.

Thaksin is looking to spend some of his allegedly misappropriated millions, and what more satisfying plaything is there for the super-rich than a Premiership football club? Having been snubbed by Fulham and then Liverpool, Thaksin homed in on Manchester City, English football’s great under-achievers.

Does the board not have any misgivings about Thaksin? Apparently not. City’s main share-holders have welcomed Thaksin with open arms. Spurred on by the promise of zillions to spend in the transfer market to banish three trophy-less decades, City’s long-suffering fans, according to the message-boards and online polls, have greeted him as a drowning man might view an RAF rescue helicopter.

City, the club that markets itself as a club of, and for, the local community, have been made to look desperate at best, and cheap and grubby at worst, behaving with all the virtue of a hooker in an Amsterdam shop window, available to anyone with the means to pay for it.

The club has been accused of claiming that as Thaksin was overthrown by a military-backed coup, it makes him an innocent party. But it doesn’t. Thaksin did business with Burma, and a more offensive and morally repugnant regime, Zimbabwe aside, you’d be hard pressed to find. Yet this is City’s new owner.

How has it come to this? It dates back to former manager Kevin Keegan, who returned City to the Premiership at the first time of asking in May 2002 and embarked on a crackpot spending spree.

Signing one dud after another, and on top wages to boot, Keegan acquired players the club did not need, using money, as things have transpired, it did not have - the £50m spending spree was financed on future ticketing income (securitisation, as it known).

But thanks to Keegan’s succession of howlers, that income, as the gates dipped, was greatly reduced, and the club’s two major share-holders, JD Sports founders John Wardle and David Makin, had to dig into their pockets to shore up club’s finances. Keegan resigned in March 2005.

Not even selling Shaun Wright-Phillips to Chelsea for £21m made a difference - Keegan’s replacement, Stuart Pearce, proved equally maladroit in the transfer market. But none of this is hindsight - I wrote the Kippaxite column in City Life magazine until February 2004, and while I’m no Nostradamus, my misgivings have, more or less, come true.

Having watched my first City match in 1968, and having edited City, the official club magazine published by the MEN, between November 1997-May 2001, which allowed me a ringside as the club slipped two divisions and then climbed back again, I’m afraid I just can't go any more.

The game, at the top end professionally, is perceived to be dishonest, immoral, and venal, so perhaps the Premiership and Thaksin Shinawatra are made for each other. I always thought, naively perhaps, that my club had higher standards, and I thus closed my eyes to alleged skulduggery elsewhere.

Those City fans who gleefully draped the stars and stripes in the City of Manchester Stadium on derby day to mock United’s American ownership must feel pretty silly now, for City, in almost identical circumstances, has been taken from the Maine Road faithful. But the depressing thing is - with success believed to around the corner - they probably won’t feel daft at all.

- Manchester Confidential

[Plus]

Eriksson meets Man City players

Eriksson (left) and Man City chairman John Wardle at Carrington

Former England coach Sven-Goran Eriksson has met Manchester City's players for the first time at their Carrington training ground.

Eriksson, 59, flew to Manchester from London on Tuesday evening.

The Swede is also expected to put pen to paper on a three-year deal with City on Wednesday.

He will not be formally unveiled as boss until City's prospective new owner Thaksin Shinawatra takes his shareholding in the club past 75%.

http://news.bbc.co.uk/sport2/hi/football/t...ity/6241052.stm

Some of the comments:

comment by Blueayo

well i hope city fans have silver lining in the signing of sven bcos going by his past 5yrs with d engk=lish job i labell him a flop but i know he would want to prove that he can compete with the E.P.L by bringing in good players

comment by NowDoINotLikeThatz

Personally i think Sven could prove to be a disaster at Man City.

Sure he has a good record but if you examine it closely youll see that his real major successes were a very long time ago now.

Winning the league ONCE at Lazio was no real achievment and he hardly left a long legacy there did he.

His mind hasn't seriously been on football ever since he came to England . He'll spend loads of money , enjoy the diner parties and the media circus but on the pitch Man City have major major problems and can't see Sven and dodgy Thai money changing that around.

Another question for Man City fans is why on earth would Shaun Wright-Phillips and indeed Defoe want to play for Sven given the history between them ?!!

comment by the_bad_ guy

Eriksson is flawed I don't what his record WAS. City will be looking for a new manager before the season's out.

comment by soblueithurts

It seems 90% of all the negative comments about Sven are coming from bitter Stretford United idiots who are really letting all us blues know that they are slightly bothered about the upturn in Citys fortunes! I am 100% behind the geezer, lets give him a chance and let the end of season PL table do the talking. How much longer do the reds think Fergie is gonna last? I suppose with a zimmer frame he would have somewhere to stick that Wrigleys! I can think of somewhere else though!

Edited July 4, 2007 by Plus

[sriracha john]

another stinging indictment of Thaksin's tenure from the British press....

Thailand – the fall of Thaksin

It's difficult to tell from the grinning face of Manchester City's likely new owner that he's suffered quite a climbdown in the last year or so. Thaksin Shinawatra used to be prime minister of Thailand; after corruption allegations, judicial action and a military coup that's no longer the case. InTheNews' Alex Stevenson charts the fall from grace of the City of Manchester Stadium's master-in-waiting.

Back in April 2005, things were looking rosy for Mr Thaksin. Cheap healthcare and cheap loans to farmers were winning his Thai Rak Thai (Thais Love Thais) party significant support in the countryside. That popularity led to an enlarged absolute majority in that year's general elections, putting Mr Thaksin in place to remain prime minister for four more years. Unfortunately for him, it didn't work out that way.

Real discontent in the cities proved a growing problem: the urban middle classes accused him of undermining human rights and press freedoms. They were unhappy about allegations that he used a crackdown on drug dealers as an excuse for extrajudicial killings. He was held responsible for the mishandling of the Muslim insurgency in the country's southern region. Worse than all these, however, were suggestions that he might be engaged in illegally funded personal enrichment - at the cost of the country.

Mr Thaksin's Shin Corporation, the telecommunications and media company which made him a billionaire before his entry into politics, was at the scandal's centre.

In January 2006 he announced its sale to the Singaporean government. As the firm was regarded as a national strategic asset this did not go down well; opponents were additionally enraged when it emerged he would be paying no tax on the sale. An upsurge of political opposition resulted, leading to tens of thousands of protestors descending on his offices by March. They demanded the prime minister's resignation.

In an attempt to nullify the protests Mr Thaksin called a general election, but the policy did not pay off. Opposition parties decided to boycott the April 4th vote. Its legitimacy was called into doubt and, despite winning 57 per cent of the vote, Mr Thaksin was forced to resign shortly afterwards.

He said he would continue as a caretaker leader "until the selection process for the next prime minister is complete". Opposition parties, including the Democrat party, called for fresh elections to be held as hopes that national unity might be restored were kindled. When Judge Ura Wangomklang revealed the constitutional court had ruled the April vote illegal, the prospect of new, post-Thaksin polls appeared.

These have not yet occurred.

On September 19th 2006 the army stepped in and seized power in a bloodless coup. Mr Thaksin, who was at the UN in New York at the time, found himself removed from power as General Sonthi Boonyaratkalin and colleagues took control. Political party meetings and other activities were banned and Surayud Chulanont, a retired army general, was named the new prime minister. The coup's leaders established a national assembly to draft a new constitution and insisted they planned on returning power to the people in the long-term.

On May 30th 2007, nearly a year since the April election, judges ruled on whether the two main parties – the TRT and the Democrats – were guilty of corruption. The Democrats were absolved of urging other parties to influence the results, but the TRT were found guilty of electoral fraud. TRT officials persuaded smaller parties to run against it so a quorum legitimising its continued hold on power could be established, judges ruled, before doling out extreme punishments for the crime. The TRT itself was dissolved, while Mr Thaksin and over 100 other senior party members were banned from politics for five years.

The former policeman may find his political retribution is not yet over. He has been living abroad, mostly in London, but was ordered back to Thailand on June 19th to face corruption charges. Thailand's department of special investigations accuses him of concealing assets in a public company while in office. His safety on returning to Thailand has been guaranteed by the prime minister, but his supporters fear he will be targeted by would-be assassins.

As for Thailand, the latest indications suggest that - with the draft constitution not yet finished - the military 'interim' government is loath to relinquish its power. Mr Chulanont has promised an election in this December, but not all believe his pledge will be met.

- In The News (UK)

[sriracha john]

Eriksson set to take over today

Sven-Goran Eriksson will finally be confirmed as Manchester City's new manager today when Thaksin Shinawatra declares he is in a position to de-list the club from the Stock Exchange.

Eriksson has been waiting for Thaksin, the former prime minister of Thailand, to build a 75% stake in the club before an official announcement could be made.

The former England head coach, out of the game since the World Cup finished a year ago, will sign a three-year contract and his first game will be a friendly at Doncaster Rovers tomorrow week.

- The Guardian

[hammered]

Eriksson set to take over today

Sven-Goran Eriksson will finally be confirmed as Manchester City's new manager today when Thaksin Shinawatra declares he is in a position to de-list the club from the Stock Exchange.

Eriksson has been waiting for Thaksin, the former prime minister of Thailand, to build a 75% stake in the club before an official announcement could be made.

The former England head coach, out of the game since the World Cup finished a year ago, will sign a three-year contract and his first game will be a friendly at Doncaster Rovers tomorrow week.

- The Guardian

Last Friday it was declared that Mr. T was only a few percent away from getting the rquired number of shares to then be able to mop up the rest and complete the transaction. Now a week later we still havent even reached the few extra shares being mopped up. What is going on? Previous take overs by Abramovich and Glazier were polished off in a matter of a day or two when this stge was reached. Why cant this deal be ?

[sriracha john]

Perhaps all these reports coming out of the British press have caused the small share holders to pause and reflect if they want someone of his ilk owning "their" team.

[hammered]

Perhaps all these reports coming out of the British press have caused the small share holders to pause and reflect if they want someone of his ilk owning "their" team.

I was wondering more if he had stopped trying to mop up those leading to an inevitable fuill take over. Whatvere the reason anyway it is leavig Manchester City in a precarious osition withoput manager and not undertaking transfer dealings with the window open and the pre-season about to start.

[Mid]

mai me tung khup .

[chinthee]

mai me tung khup .

If that's true, he's got to be the stupidist billionaire on earth, not to have lots of offshore bank accounts/trusts, etc.. But, then again, the size of this man's ego...maybe not.

[Mid]

has any physical money been sighted in this deal yet ??

genuine question .

[hammered]

mai me tung khup .

If that's true, he's got to be the stupidist billionaire on earth, not to have lots of offshore bank accounts/trusts, etc.. But, then again, the size of this man's ego...maybe not.

He has on the other hand always been loathe to spend his own money. The proposed Liverpool takeover was to be funded by state and voluteers money. Maybe he is just suffering a nervous reaction to having spent some of his spirited away fortunes or it has suddenly struck him that by publically exposing his assets undeclared on his asset declaration he is opening himself up to a slam dunk court case.

[chinthee]

mai me tung khup .

If that's true, he's got to be the stupidist billionaire on earth, not to have lots of offshore bank accounts/trusts, etc.. But, then again, the size of this man's ego...maybe not.

He has on the other hand always been loathe to spend his own money. The proposed Liverpool takeover was to be funded by state and voluteers money. Maybe he is just suffering a nervous reaction to having spent some of his spirited away fortunes or it has suddenly struck him that by publically exposing his assets undeclared on his asset declaration he is opening himself up to a slam dunk court case.

That's a good point. He would be smarter to walk away from the Mancity deal with his offshore accounts intact maybe, even losing the 20mil already spent?

[sriracha john]

Can you imagine him still living in the UK if he does back out of the deal and leaves MCFC hanging in the wind????

*ouch* persona non grata...

[hammered]

Can you imagine him still living in the UK if he does back out of the deal and leaves MCFC hanging in the wind????

*ouch* persona non grata...

With Mr. Thaksin anything is possible.

[chinthee]

Money ALWAYS talks louder than FACE.

[Plus]

I bet he regretted this Man City deal the moment he opened his mouth about it.

If he followed Thai news he saw that many people called it a bluff, political commentators said it was only a publicity stunt etc. etc. He had to follow it through to preserve his dignity, he couldn't back away.

Then the Man City owners smelled the money and trapped him in a paperwork process - you do this, and then that, and then you must do that other thing...

They didn't expect him to spend so much time on due diligence so they resorted to issuing ultimatums and asking for the color of his money. Could he have backed away then? Rhetorical question.

Then Thais froze his accounts. He didn't expect this so late after the coup. Back in March or April when he first mentioned Man City his money looked safe. He wanted to buy the club for the whole country bla bla bla.

And now it looks like he hasn't squirrelled enough funds to live happily ever after. Half of his purchase financed by loans, how is he going to repay them? Not from Man City's profits for sure. His promised transfer kitty is not going to be replenished either.

Poor, poor Thaksin, spent a fortune on a white elephant and sold himself to financial slavery. He has been ripped off.

[farangsay]

.....

Poor, poor Thaksin, spent a fortune on a white elephant and sold himself to financial slavery. He has been ripped off.

Well , it couldn't happen to a nicer fellow - could it ?

[sriracha john]

He has been ripped off.

And this after getting ripped off at the McDonalds in Russia... he must feel like everyone's walking all over him....

[Tony Clifton]

Can you imagine him still living in the UK if he does back out of the deal and leaves MCFC hanging in the wind????

*ouch* persona non grata...

I'm a fairly new football fan and just did a Google on football club firms.

Manchester's City's "Maine Line Service Crew" may offer to fix his clock for free in the near future.

Arsenal Gooners

Aston Villa Steamers, Villa Youth

Barnsley Inter-City Tykes, Five-O

Birmingham City Zulu Warriors

Blackburn Rovers Blackburn Youth

Blackpool BRS (Bison Riot Squad), Seaside Mafia, BTS (Blackpool Tangerine Service)

Bolton Wanderers Tonge Moor Slashers, Mongoose Cuckoo Boys, Billy Whizz Fan Club

Bradford City The Ointment

Brighton and Hove Albion Headhunters

Bristol City Inter-City Robins

Burnley SS (Suicide Squad)

Cambridge United Cambridge Casuals

Cardiff City Soul Firm

Carlisle United BCF (Border City Firm)

Chelsea Headhunters

Chesterfield CBS (Chesterfield Bastard Squad)

Darlington Darlington Casuals, Bank Top 200, The Gaffa, Under 5s, The Townies

Derby County DLF (Derby Lunatic Fringe)

Doncaster Rovers DDR (Doncaster Defence Regiment)

Exeter City Sly Crew

Fulham Thames Valley Travellers

Grimsby Town CBP (Cleethorpes Beach Patrol)

Hereford United ICF (Inter-City Firm)

Huddersfield Town HYC (Huddersfield Young Casuals)

Hull City City Psychos

Leeds United Service Crew

Leicester City Baby Squad, MLA (Matthew & Marks Alliance), BIF (Braunstone Inter-City Firm), TRA (Thurnby Republican Army), ICHF (Inter-City Harry Firm)

Lincoln City LTE (Lincoln Transit Elite)

Manchester City Maine Line Service Crew; Guv'nors

Manchester United Inter-City Jibbers; The Cockney Reds

Middlesbrough Frontline

Millwall Bushwackers; The Treatment

Newcastle United Bender Crew, NME (Newcastle Mainline Express)

Northampton Town NAT (Northampton Affray Army)

Nottingham Forest Red Dogs, Naughty Forty

Oldham Athletic Fine Young Casuals

Oxford United Warlords

Peterborough United PTC (Peterborough Terrace Crew)

Plymouth Argyle Central Element

Portsmouth 657 Crew

Reading Berkshire Boot Boys

Rotherham United Rotherham Casuals

Sheffield United BBC (Blades Business Crew)

Sheffield Wednesday OWC (Owls Crime Squad)

Shrewsbury Town EBC (English Border Front)

Southampton Inside Crew; The Uglies; Suburban Casuals

Stockport County The Company, Hit Squad

Sunderland Vauxies; Seaburn Casuals; Boss Lads; The Redskins

Swansea City Swansea Jacks; Jacks Army

Tottenham Hotspur Yiddos; N17s

Tranmere Rovers TSB (Tranmere Stanley Boys)

West Bromwich Albion Section Five

West Ham United ICF (Inter-City Firm)

Wolverhampton Wanderers Subway Army; Bridge Boys

Wrexham Frontline

York City YNS (York Nomad Society)

[mrbojangles]

has any physical money been sighted in this deal yet ??

genuine question .

Actually mid, it's a good question. And as far as i am aware the answer is "NO", well not in great sums anyway, it is an agreement i believe. This is a quote from City's Supporters club:-

"The basic terms of that offer are well known. The bid is being made via a recently formed company called UK Sports Investments Limited (UKSIL). This is owned by another recently formed company called UK Sports Investments Holdings (UKSI). Both companies are controlled by the Shinawatra family and UKSI has provided the money for the bid to UKSIL.

40p per share is being offered to shareholders and, at the time of writing, three of the four major shareholders have given irrevocable commitments to UKSIL and the fourth, BSkyB, have agreed to sell their 9.88% holding. Along with other commitments, UKSIL is now believed to be close to having 75% of the shares of Manchester City. The acquiring of the 55.9% of shares originally promised to UKSIL will actually only take place once the level of 75% is reached. Until then, it is effectively an agreement to sell."

[Mid]

well done mrbojangles ,

given that normally the buyer is attempting to reach the 75% threshold ...................................

what's to stop t stalling and eventually using this as the deal breaker ??

[chinthee]

well done mrbojangles ,

given that normally the buyer is attempting to reach the 75% threshold ...................................

what's to stop t stalling and eventually using this as the deal breaker ??

Yah, that gives him the PR he's been craving and at the same time he backs out of the deal. Not bad, I admit. But, what about the 20mil he's supposedly already paid in? He gets it back?

[A_Traveller]

As I understand it the 75% threshold {which becomes the controlling stake} is required to take the club private, as opposed to it continuing as a plc.

There have been so many statements about this I've lost the detail but if I recall correctly originally the deal was from a syndicate headed by Thaksin, then it seemed to morph into just Thakisn {and family} with Keith Harris of Seymour Pierce Investment Bank advising, and then to the stage where the club would be de-listed {as a plc with all the accountability} and become a private entity owned by UK Sports Investments {said to be owned by the children} and I think another company UK Sports Investment (Holdings) both registered at 17 Bentinick Street London the offices of a number of solicitors.

Any errors in the above, please feel free to point them out.

Regards

/edit company//

Edited July 6, 2007 by A_Traveller

[Mid]

well it's moot now ,

Thaksin completes Man City buyout

Friday, 6 July 2007, 13:04 GMT 14:04 UK

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

[george]

This topic continues here:

Breaking News:

Thaksin completes Man City buyout

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