Man City Accepts Thai Takeover Bid

Manchester City has accepted a £81.6m takeover bid from former Thai Prime
Minister Thaksin Shinawatra, despite the investor having corruption charges
filed against him.

The club’s board said it would accept the bid from UK Sports Investments, a
vehicle indirectly controlled by Thaksin and his son and daughter.

However, given the corruption charges against him, Thaksin will have to pass
the FA Premier League’s fit and proper person test before being able to complete
the proposed takeover.

Thaksin’s wife has also named in the case, which involves allegations of
wrongdoing in a land deal.

The offer is 40p in cash for each Manchester City share, valuing the existing
issued share capital of Manchester City at approximately £21.6m, together with
net debt of approximately £60m.

Current chairman John Wardle has been asked to remain on the board of the
club, together with chief executive Alistair Mackintosh.