Thaksin completes Man City buyout

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

Thaksin lodged an ?81.6m takeover bid for City in June through his company UK Sports Investments and has steadily built up his shareholding.

He will officially install Sven-Goran Eriksson as club manager on Friday, BBC Sport understands.

The Eastlands board has backed the bid but there have been concerns about the source of the money, with Mr Thaksin facing corruption charges in Thailand.

But the man who brokered the City deal has said “the money is clean”. Earlier on Sunday, Keith Harris, executive chairman of Seymour Pierce Investment Bank, said the money had been “legitimately and transparently transferred to the UK.”

Thaksin will have to pass the Premier League’s standard “fit and proper person” test before being able to complete the proposed takeover.

Thai prosecutors recently filed corruption charges against Mr Thaksin. They have also frozen his assets.

Leading shareholders including current board members, former chairman Francis Lee and BSkyB have all agreed to sell their shares to Thaksin.

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