THAKSIN Shinawatra is edging closer to taking control of Manchester City after pledging his long-term commitment to the club.
The former Thai prime minister has lodged a formal £81.6million bid, which the board will recommend to shareholders.
Shinawatra has already been pledged 55.9% of the club through irrevocable undertakings - shares owned by members of the board and former chairman Francis Lee.
The only other major shareholder is Sky, who own 9.9%.
Should they sell up that would take Shinawatra to 65.8% of the shareholding and closer to the 75% threshold where he could take the company off the stock exchange.
If things go to plan he would become chairman with his son and daughter joining the board.
Current chairman John Wardle would then step down to vice-chairman but Alistair Mackintosh would remain as chief executive.
Shareholders will receive the bid document in the post with the recommendation from the board and Shinawatra’s outline plans as well.
Shinawatra said: “I am delighted that the board of Manchester City has recommended my bid for the club.
“I look forward to continuing the excellent work of John Wardle and his team.
Determination
“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.”
Wardle said: “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.
“I am delighted to have been asked to remain on the board of the club, together with chief executive Alistair Mackintosh, with whom I have enjoyed an excellent working relationship.
“I am equally as pleased that the management team, who have worked relentlessly during my time as chairman to bring about success off the field, will also remain.”
Should Shinawatra go on and see his plans come to fruition his first task will be to appoint a new manager.
Former England coach Sven-Goran Eriksson is believed to be in the running to succeed Stuart Pearce, who was dismissed at the end of the season after a disappointing campaign.
Eriksson is keen to return to work after a year-long break and his agent Athole Still told Sky Sports News: “He is a top-class international coach who has done it for clubs in three different countries - and I’m sure he could do it with Manchester City.
“He’d be interested in a club like them but at the moment nothing is happening - that’s the absolute truth.”
What do you make of the news? Have your say.
Tweet
Showing comments 1 to 25 and replies | View All
Blue Arab (21/06/2007 at 08:40)
GX Blue, GX (21/06/2007 at 08:42)
Now buy a new team!!
Lost All Hope, Alderley Edge (21/06/2007 at 08:42)
Frankly, Sven will be a complete disaster, mark my words - when will we ever learn??
Lancs Blue (21/06/2007 at 08:43)
mozza_100, Ashton-under-Lyne (21/06/2007 at 08:44)
The Glass Is Empty, The Bright Side (21/06/2007 at 08:45)
TV, Anglesey (21/06/2007 at 08:45)
Pablo1, SW14 (formerly Burnage & Stockport) (21/06/2007 at 08:45)
The Glass Is Empty, The Bright Side (21/06/2007 at 08:46)
bill,carlisle, carlisle (21/06/2007 at 08:50)
Mike (21/06/2007 at 08:50)
Barratt, Sydney (21/06/2007 at 08:51)
Go for Ramos if this is accepted!!!!
m1 blue, manchester (21/06/2007 at 08:51)
come on end this farce please!!
Old Timer, Mancheter (21/06/2007 at 08:52)
Sky Blue Aardvark, Derbyshire (21/06/2007 at 08:53)
bailsy, Tokyo (21/06/2007 at 08:53)
Gareth Cole (21/06/2007 at 08:57)
UNBITTER BLUE, URMSTON (21/06/2007 at 08:58)
Kippax68, Exile in Ayrshire (21/06/2007 at 08:58)
Phil, Sacramento, CA U.S.A. (21/06/2007 at 08:59)
actually going to happen?
Unbelievable if true. I hope
to be sitting down to a nice
large helping of crow very
soon! Oh, does the 50 million still come with Mr.
Thaksin and Crew? Forget
Sven. If the kitty is there,
someone like Ramos or
Adriaanse would be brilliant.
Whatever happens with the
takeover, I suspect that
Mr. Thaksin will prevail in
the end over the junta
because time is on his side.
Thaksin still has much to
offer Thailand, but what does
this particular junta and
the king have to offer the
masses? It will be a bumpy
ride with Thaksin at MCFC for
awhile, but in the long run,
this could be very rewarding.
Let's roll the dice....
Phil, Sheffield (21/06/2007 at 09:01)
Here's hoping they see sense for once for City's sake.
eddieeric, holmes chapel (21/06/2007 at 09:01)
he,s the leader , he,s the leader,he,s the leader of our gang he is. ok.
bolton blue, bolton (21/06/2007 at 09:02)
Chopper (21/06/2007 at 09:02)
the right solution rather thn quick solution! sounds like good business to me.
all those who think this bad business need a reality check.
as for the political side of Frank, well what happened to innocent until proven guilty? a non elected military 'government' with no mandate from the people see him as a threat!! well in other parts of the world he would be seen as a hero of the west and backed by pro democracy countries ie the US and UK.
nothing at City has ever been straight forward and that's why we love them so much. city is not a football team we are a way of life, an attitude, a style. if we lose that we become like everyone else and where's the fun in that!!!!
Robobot, Dublin (21/06/2007 at 09:02)