#1Jun 21st, 2007
The new owner of Premiership football team Manchester City, former Thai Prime Minister Thaksin Shinawatra, could make failed former England manager Sven Goran Eriksson the team's new manager.....
Shinawatra plans new boss within seven days (and that could be Sven Goran Eriksson)
21st June 2007
What a player: Thaksin Shinawatra
Manchester City could have a new manager in place within the next week now that Thaksin Shinawatra has a controlling interest in the club.
And that man could be former England coach Sven-Goran Eriksson who is reported to be interested in taking over at a club of City's standing following a year out of work.
It is understood Shinawatra is anxious to make an appointment before the players return to training in July - and before any potential takeover is completed.
That way the coach and the squad would hit the ground running and enjoy a full pre-season together.
Shinawatra has promised shareholders there will be substantial transfer funds available for the new manager should his plans come to fruition.
The former Thai prime minister, who had corruption charges filed against him today by Thai prosecutors, has lodged a formal £81.6million bid for the club.
Shinawatra has been pledged a 55.9% stake through irrevocable undertakings - shares owned by members of the board and former chairman Francis Lee - and a transfer kitty, believed to be about £50million, will be made available for Stuart Pearce's successor.
City, currently £60million in debt, are recommending to shareholders they accept Shinawatra's offer.
The only other major shareholder in City plc 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.
Dennis Tueart, Mark Boler and David Makin are all standing down as directors.
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.
"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."
The first formal charges lodged against Shinawatra emerged earlier today in Thailand.
Shinawatra's wife Khunying Potjaman was also named in the case, which involves allegations of wrongdoing in a 2003 land deal.
The attorney general's office recommended that officials seize the 13.2 acre plot of land, valued at 772 million baht (£12 million).
The couple are accused of breaching Article 100 of the National Counter Corruption Act, which bars state officials and their spouses from doing business with a state agency.
The Thai Supreme Court will decide on July 10 if they will hear the case.
Shinawatra has been living overseas since he was overthrown in a military coup in September while he was abroad.