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Thaksin Shinawatra is 'embarassed' about the damage that his legal, political and financial circumstances have inflicted on Manchester City of late. He has offer to resign from the club's board in order to alleviate any growing pressure from the Premiership whose 'fit and proper person' test he no longer appears to satisfy. Thaksin is close to selling a significant minority stake in City to another Asian tycoon who will help to bankroll the club while £800m of his assets remain frozen in Thailand. Manchester City sources insist that the financial position at the club is far healthier than it appears from the outside. It has been reported that the club granted two new charges to Standard Bank last month. It has been suggested that the club would have appear to have assigned to the bank a series of expected payments from the Premiership relating to television money, as well as the merit and basic fund payments plus the stabilised cash flow payents due in January 2009 or payable over the next two seasons. These are security for a facility agreed with Standard Bank on 21 July. The facility is guaranteed by the club and by Thaksin's company UK Sports Investments (Holdings), which owns Manchester City.
Arab Group To Splash The Cash At City – 31/08/08
A man known as the 'Donald Trump of Abu Dhabi' who has a fortune so big that it is said that it can be seen from outer space is behind the Arab group that are poised to acquire Manchester City. With his troubles mounting at home in Thailand, Thaksin Shinawatra has decided to throw in the towel after only a year in charge and has signed a memorandum of understanding with the Abu Dhabi United Group headed by Dr Sulaiman Al-Fahim. Due diligence will have to occur before the deal is completed and Shinawatra will remain as honorary president with a minority shareholding. The cost of the takeover has not been stated, but a figure of £200m has been mentioned. The new supremo intends to turn City into a top four club in three seasons and has already made an audacious attempt to snatch Dimitar Berbatov from under the noses of Manchester United. The takeover has been welcomed by City fans with Kevin Parker, general secretary of the club's official supporters club, stated, 'Football clubs are looking for investors with deep pockets and it would appear they have got deep pockets. We need someone to give stability. In the last 30 years we haven't had any success and we're desperate to win a trophy.'
You Ain't Seen Nothing Yet – 2/9/08
The acquisition of Manchester City by Abu Dhabi investors may be the first of a number of takeovers of Premiership clubs by fabulously rich sheikhs. The City deal was brokered by Amanda Staveley whose financial advisory company PCP Capital Partners has put together several deals for Middle Eastern buyers. The ultimate owners of Manchester City are thought to be the ruling family of Abu Dhabi. Although Sulaiman Al-Fahim is a celebrity businessman and real estate magnate who is rich enough to buy Manchester City in his own right, it is thought that he was really a front man for the Al-Nahyan royal family. Most of the money is being put up by sheikhs in the royal family, in particular the royal chamberlain Sheikh Manosur bin Zayed. He is married to the daughter of Sheikh Mohammed, the ruler of Dubai. Sheikh Mohammed is interested in buying Liverpool through the Dubai International Sovereign Wealth Fund. Other possible targets are Tottenham and Everton who need funding for new stadiums. There are, of course, rules against one person owning more than one club, but the nominal owners could be different members of the ruling family. One consequence of the City takeover could be that Premiership chief executive Richard Scudamore may have found a new ally in his campaign for an international round of fixtures. Winter and summer tours of the Middle East may become the norm.
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