City accept Shinawatra bid
The City of Manchester Stadium could have a new owner soon
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Thursday, 21, Jun 2007 05:13
A formal bid of £81.6 million from former Thai prime minister Thaksin Shinawatra has been accepted by Manchester City.
The offer values each of the club's shares at 40p, making the issued share capital worth just under £22 million, and takes account of the £60 million debts of the Eastlands outfit.
The board of Manchester City has recommended that shareholders accept the offer, which would then need to be ratified by the Premier League before it is allowed to go through.
Such a final offer comes after several weeks of negotiations between the club and UK Sports Investments - the holding company indirectly controlled by Dr Thaksin and his son and daughter.
Commenting on the offer, Dr Thaksin said: "I am delighted that the board of Manchester City has recommended my bid for the club and I look forward to continuing the excellent work of [City 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.
"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."
Mr Wardle, who will be replaced as chairman of the club if Dr Thaksin's offer is successful, described the prospective new era as "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".
Along with chief executive Alistair Mackintosh, Mr Wardle will remain on the board to oversee the future developments under a new manager after former boss Stuart Pearce left the club at the end of last season.
"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," Mr Wardle added.
Former England manager Sven-Goran Eriksson is apparently the leading contender to take charge of Manchester City, despite denying any contact with the former Thai prime minister to date.