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Man City accept Thaksin's offer, Sven decides his future

22/06/2007

Manchester City football club's board has accepted a formal bid from former Thai premier Thaksin Shinawatra, who made an official offer earlier this week.

The board will now recommend the offer to shareholders, although the bid still needs to be ratified by the Premier League.

Thaksin's £81.6 million offer values each of the club's shares at 40p, which makes the issued share capital worth just less than £22 million. He has also agreed to underwrite £60 million of debt.

Commenting on the offer, Thaksin said: "I am delighted that the board of Manchester City has recommended my bid for the club.

"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 has also confirmed that he has approached Sven-Goran Eriksson asking whether he would be interested in being manager of the club and there are reports that a three-year deal worth £6 million is on the cards.

After being ousted in a bloodless coup last year, Thaksin is currently being investigated by corruption officials in his home country and has had more than £1 billion of his assets frozen.



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