Sinawatra to buy Manchester City FC

Updated: 22 June 2007 14:47 IST

British soccer club Manchester City FC said on Thursday it had agreed to be bought for $162 million by former Thai Prime Minister Thaksin Shinawatra.

London:

British soccer club Manchester City FC said on Thursday it had agreed to be bought for $162 million by former Thai Prime Minister Thaksin Shinawatra.

The board of the top English soccer club recommended acceptance of the offer to shareholders.

"I am delighted that the board of Manchester City has recommended my bid for the club," Thaksin said in a joint statement with 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's investment vehicle, UK Sports Investments, offered $0.80 for each outstanding share, valuing the capital at $43 million. The new owners also would take on $119 million of the club's debts.

The prospective new owners also promised "to commit further significant sums to fund the current and continuing working capital requirements of the club."

Thai prosecutors filed corruption charges against Thaksin in the Supreme Court on Thursday, in the first criminal charges ever filed against a former premier in Thailand.

Thaksin was toppled in a military coup last September and was named along with his wife Pojamarn in a case involving allegations of wrongdoing in a land deal.

Topics : Football Bayern Munchen
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